Choo Kyung-ho: "Boosting Export, Investment, and Domestic Demand Vitality for Economic Recovery in the Second Half"

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho is delivering opening remarks at the 'Macroeconomic Experts Meeting' held on the 14th at the Korea Federation of Banks in Jung-gu, Seoul.

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho stated on the 14th, "We will make every effort to boost exports, investment, and domestic demand vitality, as well as to improve the structural economic framework, in order to achieve an economic rebound in the second half of the year."

At a meeting with macroeconomic and financial experts held at the Seoul Banking Hall on the same day, Deputy Prime Minister Choo said, "Recently, our economy has seen a slowdown in inflation and a gradual recovery in domestic demand, but uncertainties still remain in various parts of the economy."

This meeting was organized to review the domestic and international macroeconomic conditions and financial market trends, and to gather policy suggestions in preparation for the economic policy direction for the second half of the year.

The experts attending the meeting generally agreed that the economy would improve as the second half progresses. They anticipated that the Korean economy would maintain a gradual recovery in domestic demand and that exports and investment, centered on the information technology (IT) sector, would gradually improve.

They forecast that the extent of the economic rebound in the second half would depend on the ripple effects of China's reopening (resumption of economic activities) and the pace of IT recovery. However, they predicted that the prolonged high inflation and high interest rates would act as limiting factors.

The experts urged thorough management of domestic and international risks such as increased financial market volatility, strengthening policy support for consumption and export recovery, responding to structural changes such as artificial intelligence (AI) and aging population, and pursuing an optimal macroeconomic policy mix that comprehensively considers the economic situation.

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