FKCCI: "Timely Measures to Revitalize Domestic Demand... An Opportunity to Overcome the Economic Crisis"

There is an economic sector evaluation that the government's domestic demand revitalization measures are timely actions.

On the 29th, the Federation of Korean Industries issued a statement signed by Choo Kwang-ho, Head of the Economic and Industrial Headquarters, stating, "If the difficulties in the real economy are left unattended any longer, the economic downturn could be prolonged and even growth potential could be damaged. Therefore, we evaluate the government's domestic demand revitalization measures as timely."

Head Choo said, "Recently, our economy has seen a sharp decline in exports centered on key items such as semiconductors due to the global economic recession and intensified US-China conflicts, while investment and consumption have contracted due to high interest rates and high inflation," adding, "We hope that the government's measures will serve as a catalyst for revitalizing private consumption and become an opportunity to overcome the current economic crisis."

He continued, "The various measures covering tourism and cultural sectors will greatly help local economies and small business owners who are experiencing many difficulties due to the economic recession," and added, "Measures to reduce burdens in agricultural products, telecommunications, and finance can also alleviate the living cost burdens of vulnerable groups."

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