"Semiconductors Will Definitely Improve"… Choo Kyung-ho's Confidence in Economic Recovery

Lecture by Ruling Party Study Group 'Gukmin Gonggam' on the 14th
"620,000 Jobs Increased... Personally, It's Too Many"

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho expressed confidence in economic recovery, stating that the semiconductor market, which has struggled in recent years, is "generally expected to definitely improve next year."

On the morning of the 14th, Deputy Prime Minister Choo gave a lecture titled "Recent Economic Situation and Response Directions" at the National Assembly Members' Office Building during the People Power Party study group 'National Sympathy,' saying, "Even when semiconductors experienced negative growth, they at least reduced the negative part by showing some positive growth. This year, semiconductors were the only sector that performed worse, but fortunately, forecasts from semiconductor specialized institutions and companies suggest that semiconductors will start to recover after the third quarter."

Deputy Prime Minister Choo emphasized the structural nature of the semiconductor industry's downturn by referring to past recession cases. He said, "People ask why we created a trade structure overly dependent on semiconductors, but what did the previous government do? Can industrial structures be changed within a few months?" He added, "President Yoon is personally taking on the role of the 'No. 1 salesperson' to change the fundamentally China-biased export structure and the structure overly dependent on specific products."

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho is greeting attendees at the People Power Party's Public Sympathy Study Meeting held at the National Assembly Members' Office Building on the 14th. Photo by Kim Hyun-min kimhyun81@

Regarding the 14 consecutive months of trade deficits with China, Deputy Prime Minister Choo also refuted criticisms by calling it a 'structural problem.' He explained, "The peak of the trade deficit with China was in 2013, and it has been declining since then. Even when former President Moon Jae-in pursued close diplomacy with China and went all-in, this trend persisted." He further elaborated, "This is not a situation to be superficially discussed. There are changes such as China's increasing competitiveness and capabilities."

On the project financing (PF) concerns that grew after last year's 'Chuncheon Legoland incident,' he reassured, "There is no need to worry too much." Deputy Prime Minister Choo said, "Real estate PF doubled under the previous government. There are many concerns about current PF sites, but the Ministry of Economy and Finance is conducting a full survey nationwide to assess their status, whether they are stable or not, and is managing them like an MRI scan with countermeasures."

Deputy Prime Minister Choo evaluated that the economy has improved during the first year of the Yoon Seok-yeol administration compared to the Moon Jae-in administration by presenting recent economic indicators in detail. He claimed that consumer prices, employment rate increases, unemployment rate, exchange rates, and stock prices have stabilized under the current government compared to the end of the Moon administration. He emphasized, "The current unemployment rate is the lowest ever, and employment is at an all-time high. Usually, the previous government created 200,000 to 300,000 jobs if they performed well, but the Yoon government has increased jobs by an average of 620,000 annually since its launch. Personally, I think it's too many."

He added, "When the Yoon government started, the dollar exchange rate was 1,274 won, and yesterday (the 13th) it was 1,271 won. During that time, U.S. interest rates rose more than tenfold, but the exchange rate was actually controlled better." He also said, "The stock market is better than when the previous government handed it over to us. The market is very stable."

He also rebutted opposition parties who criticized the Yoon administration's economic performance as an 'F grade' during the government questioning session the day before. Deputy Prime Minister Choo said, "They say the economy is a total failure, an F grade, whenever they speak, but I hope they look at the indicators before making such statements." He pointed out, "At least when discussing the economy, it should be done objectively. Only by discussing what needs to be improved and what is lacking in this state can constructive debates occur and alternatives be proposed."

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