Vice Minister Gi Jae: "Employment Indicator Growth Will Slow... Economic Uncertainty Expands"

The 8th Emergency Economic Vice-Ministerial Meeting Held
Improvement of Practical Penalty Provisions for Self-Employed and Small Business Owners

[Asia Economy Sejong=Reporter Kwon Haeyoung] Bang Giseon, First Vice Minister of the Ministry of Economy and Finance, said on the 16th that "employment indicators will gradually slow down in growth going forward" and that monitoring of the employment market will be strengthened.

Vice Minister Bang held the 8th Emergency Economic Vice Ministers' Meeting at the Government Seoul Office that morning and stated, "External conditions are worsening, and economic uncertainties are expanding due to consumption contraction caused by high inflation and interest rate hikes."

According to the employment trends announced on that day for August, the number of employed persons increased by 807,000 compared to the same month last year, and the employment rate rose across all age groups. The number of employed persons in manufacturing increased by 240,000.

He said, "Although employment indicators are generally maintaining a favorable trend, the growth rate will gradually slow down going forward," adding, "We will strengthen support for new industries and service sectors with high job creation capacity, and focus policy efforts on expanding customized training and employment support for each target group to create private sector jobs." He also added, "We will continue to strengthen the employment safety net for vulnerable groups."

He also evaluated that the effects of price and livelihood stabilization measures are appearing. He stated, "The average price of 20 major essential goods rose by 7.1% at the end of July compared to the previous year's Chuseok period, but the increase narrowed to 2.4% in early September when shopping is concentrated. The government will continue to do its best to stabilize prices and livelihoods as soon as possible."

Furthermore, he announced plans to promote economic regulatory innovation closely related to daily life and to improve penal provisions. Vice Minister Bang said, "We plan to review improvement measures for penal provisions closely related to the economic activities and daily lives of not only companies but also self-employed and small business owners," and urged, "Related ministries should review economic penal regulations from a zero base so that practical changes can be felt in corporate management sites and citizens' lives."

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