Kim Dong-yeon, President-elect, to Convene 'Gyeonggi-do Emergency Economic Measures Meeting' on the 17th

[Asia Economy (Suwon) = Reporter Lee Young-gyu] Kim Dong-yeon, the governor-elect of Gyeonggi Province, convened the "Gyeonggi Province Emergency Economic Countermeasures Meeting" on the 17th to discuss measures against "stagflation" (economic stagnation accompanied by rising prices) caused by recent sharp increases in consumer prices and global interest rate hikes.

The spokesperson office of the Gyeonggi Province Governor Transition Committee announced that Kim will preside over the emergency economic countermeasures meeting at 2 p.m. that day in the large conference room on the 2nd floor of the Transition Committee in Jangan-gu, Suwon (Room 205, Future Hall, Gyeonggi Human Resources Development Institute), with the chairpersons of the economic subcommittee of the transition committee, the first deputy governor of Gyeonggi Province, and the head of the economic office in attendance.

Kim is scheduled to deliver opening remarks before presiding over the meeting. The meeting will be held behind closed doors.

Earlier, the Gyeonggi Province Governor Transition Committee formed an "Emergency Economic Response Task Force (TF)" on the same day and began full-scale operations.

This measure was taken in response to the urgent need for emergency action to protect the livelihood economy amid escalating economic crises, such as the highest consumer price inflation rate since 2011 and global interest rate hikes, which have increased concerns about "stagflation."

The Emergency Economic Countermeasures Headquarters is composed of the ▲Economic Employment Countermeasures Team ▲Small Business and Self-Employed Countermeasures Team ▲Corporate Countermeasures Team ▲Price Countermeasures Team. Economic-related public institutions such as the Gyeonggi Research Institute, Bank of Korea, Gyeonggi Credit Guarantee Foundation, Market Commercial Promotion Agency, and Economic Science Promotion Institute also participate.

The transition committee explained that due to the worsening economic crisis caused by global supply chain disruptions, the prolonged Ukraine war, rapid interest rate hikes worldwide including the United States, and intensifying domestic and international financial instability, swift measures are necessary to stabilize livelihoods and respond to the crisis, leading to the activation of an emergency economic response system before the governor-elect's inauguration.

The TF will focus on minimizing the negative impacts of rapid price increases going forward.

In particular, timely support for industries, small and medium-sized enterprises, and vulnerable groups heavily affected by sharp rises in crude oil and raw material prices, the rapid depreciation of the Korean won, and interest rate hikes has been set as the "top priority."

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