Choo Kyung-ho: "Alleviating Public Burden is the Top Priority for the Economic Team"

"Our Economy Is Very Serious and Critical... Urging a United Team Beyond Departmental Barriers"
Calls for Measures to Stabilize Flour Prices and Ease Diesel Price Burden to Secure Livelihood Stability

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho is holding a joint briefing with related ministers on the '2022 2nd Supplementary Budget' at the Government Seoul Office in Jongno-gu, Seoul, on the 12th. Photo by Hyunmin Kim kimhyun81@

[Asia Economy Sejong=Reporter Kwon Haeyoung] On the 15th, Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho stated, "Relieving the burden on the livelihoods of citizens who are currently facing great difficulties is the top priority task for the new government’s economic team." He also ordered the discovery of effective policy tasks for price and livelihood stabilization, including stabilizing flour prices and alleviating the burden of diesel prices.

Deputy Prime Minister Choo said at the economic ministers’ meeting held at the Government Seoul Office in the afternoon, "Our economy is in a very serious and urgent situation as domestic and external risk factors are acting in combination, such as the prolonged Ukraine crisis, major countries’ shift to tightening monetary policies, and expanding inflationary pressures."

He added, "Although the new government has just launched, we must start immediately with an extraordinary determination without even a moment to regroup," emphasizing, "To this end, the new government’s economic team must overcome the current crisis by uniting as one team beyond departmental barriers."

He also requested active cooperation in the National Assembly’s review and thorough prior preparation so that the second supplementary budget bill for this year, which includes support for small business damages prepared simultaneously with the launch of the new government, can be finalized in the National Assembly this month.

Deputy Prime Minister Choo emphasized, "Recent price increases are mainly due to external conditions, so thorough management of external risks is also necessary."

Immediately after taking office, Deputy Prime Minister Choo activated an emergency economic response task force (TF) led by the first vice minister of the Ministry of Economy and Finance. This is to monitor the economic situation, including the real economy, in real time and prepare preemptive response measures. The government plans to promptly prepare livelihood stabilization measures through discussions with related ministries.

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