Choe Sang-mok, Chief Economic Secretary: "Price Peak Expected in October... Difficulties for Common People Until Year-End"

Will Prepare Comprehensive Measures for Livelihood Stability and Future Readiness

[Image source=Yonhap News]

[Asia Economy Reporter Ki-min Choi] Choi Sang-mok, Senior Secretary for Economic Affairs at the Presidential Office, stated on the 27th regarding the current economic situation, "Although inflation remains at a high level, I believe it is approaching its peak. Including South Korea, the peak is expected around October."

At a briefing held at the Yongsan Presidential Office that afternoon, Senior Secretary Choi said, "Concerns about economic slowdown are increasing, so we ultimately need to address both the economy and inflation."

Regarding inflation, Choi mentioned that although high oil prices persist, they have entered a calming phase. However, he predicted, "If these issues continue to accumulate, difficulties for ordinary citizens and vulnerable groups will persist until the end of the year." Since it is evident that even as inflation approaches its peak, economic growth will slow down and vulnerable groups will continue to face hardships, it is necessary to manage both inflation and the economy.

Choi said, "The response to the complex crisis, where various external shocks have come to us all at once, must inevitably be multifaceted," adding, "The government is focusing on two main areas in its economic policy. One is the top priority of stabilizing inflation and people's livelihoods, and the second is improving economic fundamentals and preparing for the future to turn the crisis into an opportunity."

Regarding measures to stabilize inflation and people's livelihoods, he explained, "The difficulties in our economy stem from external supply factors, so there are limits to macroeconomic policies such as monetary policy alone. It is inevitable to implement comprehensive micro-level measures, such as reducing cost burdens related to domestic supply chains, supporting vulnerable groups, providing assistance to financially vulnerable groups affected by interest rate hikes, and preparing housing stability measures." He added, "We will refine and introduce the measures implemented so far in detail by class and sector."

On economic structural improvement and future preparation, he said, "The Emergency Economic Livelihood Meeting before Chuseok will focus on livelihood measures ahead of Chuseok, improving the structural health of small business owners, and enhancing medium- to long-term capabilities," and forecasted, "Global support will also include export and overseas construction plant orders." He continued, "We have emphasized semiconductors several times, and we will also address innovation and regulatory reforms, including support for advanced industries such as artificial intelligence (AI), batteries, and future cars."

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