Choo Kyung-ho: "Complex Crisis Begins... Contingency Plan to Be Activated in Emergencies"

Deputy Prime Minister Choo Kyung-ho Holds Emergency Executive Meeting... "Complex Crisis Will Continue for a Considerable Period"

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho (left) and Minister of Unification Kwon Young-se attended the Cabinet meeting held via video conference with the Sejong Government Complex on the 14th at the Government Seoul Office in Jongno-gu, Seoul. Photo by Kim Hyun-min kimhyun81@

[Asia Economy Sejong=Reporter Kwon Haeyoung] Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho diagnosed that a 'complex crisis' has begun amid recent inflation and domestic and international financial market instability, and on the 14th, he stated, "Thoroughly re-examine to ensure that foreign exchange and financial market instability do not escalate and that the existing contingency plans can be immediately activated in case of emergency."

On the same day, Deputy Prime Minister Choo held an emergency executive meeting via video at the Seoul Government Complex and instructed, "Please respond thoroughly to the recent severe economic situation."

He assessed the current situation, saying, "External inflation factors are intensifying domestic price instability, and with a significant interest rate hike expected in the United States, instability in domestic and international financial and foreign exchange markets is also expanding. In short, a complex crisis has begun, and what is more serious is the prevailing forecast that this situation will not calm down for the time being but will continue."

He emphasized the need to focus policy capabilities on price stabilization. Deputy Prime Minister Choo said, "Since prices are the most important sector for the livelihood economy, I hope you will review and discover measures with the attitude of mobilizing all policy tools to prioritize price stabilization. Especially, when the economy is difficult, the pain of the lower-income and vulnerable groups is greater, so we must intensively find measures that can alleviate their difficulties even a little."

He added, "In the short term, please respond through changes in various fund operation plans and budget transfers and reallocations," and urged, "Please pay special attention to fiscal management, including next year's budget formulation and tax reform."

Regarding the prolonged Cargo Solidarity strike, he stressed, "Since the ripple effects on industry and exports are becoming visible, related agencies must closely monitor the impact on the real economy through cooperation," and emphasized, "Please make efforts to minimize logistics damage through company-specific deployment of transport personnel and emergency transport measures."

He also emphasized that the new government's economic policy direction, to be announced on the 16th, must be promptly executed and achieve results as soon as possible.

Deputy Prime Minister Choo said, "From now on, the grand march of the economic war to overcome the complex economic crisis situation, strengthen the economic structure, and create an economy that leaps forward again has begun," and urged, "The economy is ultimately about psychology, so by the government making maximum efforts together with companies and the public, let's quickly block the spread of anxiety and unite our strength to surely overcome the war against the complex economic crisis."

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