Prime Minister Han: "Employment Recovery Likely Temporary, Interest Rate Hikes to Negatively Impact Labor Market Until Next Year"

[Image source=Yonhap News]

[Asia Economy Sejong=Reporter Kim Hyewon] Prime Minister Han Duck-soo evaluated on the 12th that "the current employment recovery trend is likely to be temporary."

On the 12th, during the opening remarks at the 31st Cabinet meeting held at the Government Sejong Complex, Prime Minister Han stated, "Continuous interest rate hikes to counter inflation may negatively affect the labor market in the second half of this year, and possibly until next year."

Prime Minister Han said, "Although the June labor market trend indicators announced the day before showed improvement, it is not entirely positive," adding, "The base effect of the COVID-19 employment shock is diminishing, and the short-term job projects created by the government have also ended."

He continued, "For sustainable employment recovery, fundamental structural improvements in the labor market are necessary," and instructed the Ministry of Employment and Labor and the Ministry of Economy and Finance to work on creating an environment where the private sector leads job creation.

Regarding the 'Mobile Resident Registration Card Verification Service' implemented from today, he said, "It is still only at the initial stage," emphasizing, "The government will soon launch the Digital Platform Government Committee and promote a major transition to a digital platform government." This means realizing a government that scientifically understands and meets the public's demands within a platform where all data is connected.

Regarding the COVID-19 confirmed cases surpassing 30,000 again, he stated, "Based on the opinions of the National Infectious Disease Crisis Response Advisory Committee held the day before, we will finalize measures to respond to the resurgence at the Central Disaster and Safety Countermeasures Headquarters meeting chaired by the Prime Minister on the 13th."

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