Choo Kyung-ho "Urgent Preparation of 3.1 Trillion Won Livelihood Stabilization Measures to Alleviate Perceived Inflation Burden"

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho is presiding over the 1st Economic Ministers' Meeting held at the Government Seoul Office in Jongno-gu, Seoul on the 30th. Photo by Hyunmin Kim kimhyun81@

[Asia Economy Sejong=Reporter Kim Hyewon] Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho stated on the 30th, "As global energy and food prices rise sharply, the burden on the cost of living and the livelihood economy for ordinary citizens is increasing," adding, "In response, the government has urgently prepared a livelihood stabilization plan worth a total of 3.1 trillion won."

Deputy Prime Minister Choo made these remarks while presiding over the 1st Economic Ministers' Meeting at the Government Seoul Office on the same day. He said, "Livelihood projects worth about 2.2 trillion won, including emergency living stabilization funds, have been reflected in the supplementary budget, and the diesel fuel price-linked subsidy will be implemented from the 1st of next month," adding, "We will additionally identify and finalize price and livelihood stabilization tasks that can be promptly promoted."

The 'Emergency Livelihood Stabilization 10 Major Projects for Stabilizing Ordinary Citizens' announced that day are centered on three major areas: food, living expenses, and housing. This is based on the judgment that the rising prices of imported raw materials and processed foods are rapidly spreading to overall living costs, and that under high inflation and the trend of interest rate hikes, the burden of living and housing costs on ordinary households is increasing.

Deputy Prime Minister Choo explained, "To stabilize living and food prices, we will work to alleviate the cost burden of food and food materials throughout the entire process from import-production-consumption." He also said that the burden of living expenses will be eased focusing on essential items such as education, transportation, and communication, and that the property tax burden for one-household-one-home owners will be restored to the 2020 level.

Deputy Prime Minister Choo forecasted, "Going forward, the government will continue to prioritize price and livelihood stabilization and continuously identify tasks with high public perception." He added, "Recently, high inflation is largely influenced by external factors, so some degree of endurance is inevitable," and pointed out, "Price and wage increases in succession, riding on the inflation trend, cause a vicious cycle of price increases, ultimately resulting in difficulties for the parties involved and society as a whole."

Deputy Prime Minister Choo said, "Following discussions on livelihood stabilization measures, the government is preparing economic policy directions reflecting the new administration's national philosophy," and conveyed, "We intend to pursue policy tasks such as innovation in the private sector and companies, responses to future structural changes, and comprehensive economic restructuring including labor and education."

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