Choo Kyung-ho "I Do Not Consider Stagflation"

Deputy Prime Minister for Economy Choo Kyung-ho and Bank of Korea Governor Lee Chang-yong are attending the plenary meeting of the Planning and Finance Committee held at the National Assembly on the 1st. Photo by Yoon Dong-joo doso7@

[Asia Economy Sejong=Reporter Kwon Haeyoung] On the 1st, Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho stated regarding the future economic outlook, "I do not consider stagflation."

Deputy Prime Minister Choo made this remark in response to a question about the current economic situation and future prospects during the Ministry of Economy and Finance's work report at the National Assembly's Planning and Finance Committee held that day.

Stagflation is a phenomenon where economic recession and inflation occur simultaneously. Currently, with global prices soaring, major countries such as the United States tightening monetary policy, China's COVID-19 lockdowns, and the impact of the Ukraine war, concerns have arisen that the economy may slow down, leading to fears that stagflation has begun.

Deputy Prime Minister Choo said, "Many international organizations emphasize the possibility of economic slowdown," adding, "Due to increased economic uncertainty, we are considering various scenarios and employing a combination of policies."

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