Deputy Prime Minister Hong: "We Must Achieve 'Complete Economic Recovery' Next Year... Economic Outlook to Be Announced Late This Month"

Meeting Between Research Institute Heads and Investment Banking Experts

Hong Nam-ki, Deputy Prime Minister for Economy and Minister of Economy and Finance (center), is presiding over the 'Meeting with Heads of Research Institutes and Investment Bank Experts' held at the Government Seoul Office Building on the 8th. 2021.12.8
[Photo by Yonhap News]

[Sejong=Asia Economy Reporter Son Seon-hee] Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, said on the 8th, "2022 should be a hopeful starting point where our economy enters a 'complete economic recovery' and an 'upgraded new growth trajectory'." He also stated, "We plan to finalize the economic policy direction for next year promptly and announce it separately in late this month."

On the same day, Deputy Prime Minister Hong held a 'Meeting with Heads of Research Institutes and Investment Bank Experts' at the Government Complex Seoul and said, "(Next year) will be an important year that determines the resilience of our economy and future growth path as economic normalization accelerates following the Pandexit (Pandemic + Exit)." The meeting was organized to review the recent domestic and international economic situation and to listen to policy suggestions regarding the '2022 Economic Policy Direction,' which the Ministry of Economy and Finance is finalizing for announcement.

Deputy Prime Minister Hong said, "2022 has transitional characteristics in three aspects: economic, policy, and political," adding, "It is expected to be a golden time for the full-scale launch of future policy agendas such as policy normalization, new growth engines, digitalization, greening, and overcoming new polarization." He also mentioned, "As it is a political transition period of 'wrapping up the current administration's national affairs and continuing the growth momentum of the next government,' more stable and meticulous economic management is necessary."

To this end, Deputy Prime Minister Hong revealed that during the review process of next year's economic policy direction, they are considering five key issues: ▲ accurate diagnosis of domestic and international economic conditions ▲ optimal policy mix ▲ strengthening inclusiveness such as support for the revival of small business owners and self-employed and reinforcement of safety nets ▲ preempting global investment demand in the post-COVID-19 era ▲ responding to structural and environmental changes such as labor and demographic structure.

The meeting was attended by heads of national research institutes including Hong Jang-pyo, President of the Korea Development Institute (KDI); Park Jong-gyu, President of the Korea Institute of Finance; Hwang Deok-soon, President of the Korea Labor Institute; as well as private investment bank experts such as Cha Moon-jung, Head of Samsung Economic Research Institute; Yeom Yong-seop, Head of SK Management and Economic Research Institute; Heo Yong-seok, President of Hyundai Research Institute; Park Seok-gil, Head of JP Morgan; Park Jong-hoon, Executive Director of SC First Bank; Jang Jae-cheol, Head of KB Kookmin Bank; and Hwang Chan-young, CEO of Macquarie Securities.

This content was produced with the assistance of AI translation services.