Deputy Prime Minister Choo Kyung-ho Immediately Activates Emergency Economic Ministers' Meeting... "War Against the Complex Crisis"

Emergency Economic Ministers' Meeting Held on the 19th... Monitoring Prices Including Agricultural and Livestock Products and Oil Price Trends

[Image source=Yonhap News]

[Asia Economy Sejong=Reporter Kwon Haeyoung] Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho recently diagnosed the economic situation as a 'complex crisis' and immediately reorganized the Economic Ministers' Meeting chaired by the Deputy Prime Minister into an Emergency Economic Ministers' Meeting.

According to the Ministry of Economy and Finance on the 15th, Deputy Prime Minister Choo made this decision to transition the economic ministries' crisis response system.

Deputy Prime Minister Choo plans to hold the Emergency Economic Ministers' Meeting weekly in principle, focusing on closely monitoring the economic situation including prices, livelihood, finance, exports, and industrial activities with relevant ministers, and to prepare necessary measures in a timely manner.

First, the first Emergency Economic Ministers' Meeting will be held this Sunday, the 19th, to check the price situation such as agricultural and livestock product prices and oil price trends, and to discuss countermeasures. Going forward, economic issues will be discussed frequently and measures will be prepared accordingly.

Deputy Prime Minister Choo stated, "With the recent expansion of domestic and international uncertainties, volatility in domestic and foreign financial markets is increasing, and difficulties in the livelihood economy are intensifying," adding, "Our economic situation is a more serious emergency than ever before, and the complex crisis is expected to continue for a considerable period." He further emphasized, "To overcome the current complex economic crisis, we must unite national capabilities and swiftly establish and implement extraordinary measures."

On the following morning, Deputy Prime Minister Choo will hold an Emergency Macroeconomic and Financial Meeting chaired by the Deputy Prime Minister, with the participation of the Governor of the Bank of Korea, the Chief Presidential Secretary for Economic Affairs, the Vice Chairman of the Financial Services Commission, and the Governor of the Financial Supervisory Service. They will review the recent financial market and macroeconomic situation and discuss response measures.

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