Choo Kyung-ho "Establishing National Future Strategy by 2025"

Commemorative Meeting for the 60th Anniversary of the Five-Year Economic Development Plan

[Image source=Yonhap News]

[Asia Economy Sejong=Reporter Kim Hyewon] On the 21st, Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho announced, "We plan to prepare a 'National Future Strategy' to present the country's vision and policy tasks with a mid- to long-term perspective until 2025."

Deputy Prime Minister Choo attended the '60th Anniversary Commemorative Meeting of the Five-Year Economic Development Plan' held at the Hongneung Global Knowledge Cooperation Complex and said, "The government is striving to fundamentally improve the economic structure while overcoming the current crisis with extraordinary determination."

He added, "We plan to implement measures to stabilize the cost of living and daily necessities to stabilize the livelihood economy, which is suffering from high inflation and high interest rates, and to reduce the tax burden mainly on the lower and middle classes."

He continued, "To enhance private sector vitality, we are boldly reforming regulations that hinder corporate creativity and innovation, adjusting the corporate tax system to align with global standards, and steadily promoting structural reforms in five major sectors: public, labor, education, finance, and services."

Regarding the economic achievements over the past 60 years, he evaluated, "We have prepared blueprints for national development seven times and achieved unprecedented economic growth in world history, showing the world that our country is not a 'bottomless pit'."

He also introduced, "Starting with the first plan in 1962, the Five-Year Economic Development Plan established an export-led economic growth model and systematically supported economic and industrial development from light industry, steel, shipbuilding, and automobiles to advanced industries. As a result, the per capita Gross Domestic Product (GDP), which was $90 in 1962, increased nearly 400 times to $35,000 in 2021, and a country that once struggled to survive without aid has now become a donor country." He added, "Over 60 years, the Korean people, companies, workers, and government have worked together with hope and passion, achieving the Miracle on the Han River, like 'roses blooming from a trash can.'"

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