Choo Kyung-ho: "Our Economy Is in the Early Recovery Stage... Expecting Positive Exports in Q4"

Emergency Economic Ministers' Meeting and Export Investment Measures Meeting on the 4th

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho said on the 4th, "It appears that our economy is in the early stages of recovery."

Deputy Prime Minister for Economy Choo Kyung-ho is delivering a speech at the Emergency Economic Ministers' Meeting and Export Investment Measures Meeting held at the Seoul Government Complex on the 4th. Photo by Jo Yong-jun

At the 'Emergency Economic Ministers' Meeting and Export Investment Measures Meeting' held at the Government Seoul Office Building on the same day, Deputy Prime Minister Choo said, "Although industrial activity in July was sluggish due to temporary factors such as bad weather, exports are recovering and the service sector is improving," adding that the meeting announced "additional support measures to revitalize exports" and "plans to promote tourism by Chinese visitors to Korea."

He continued, "Exports, a key factor for economic rebound in the second half of the year, saw a significant easing in the decline centered on semiconductors despite the impact of the August summer vacation, and exports to China exceeded 10 billion dollars again," adding, "The trade balance has maintained a surplus for three consecutive months, showing a better-than-expected trend." He also said, "In September, the trade surplus trend is expected to continue along with a further easing of the export decline," and "Exports are expected to turn positive in the fourth quarter."

Deputy Prime Minister Choo also said, "As external uncertainties such as the Chinese economic situation continue, we will be cautious not to be overly pessimistic or optimistic about the economic trend and will remain vigilant at all times," adding, "We will focus the whole-of-government policy capabilities and provide full support to strengthen the momentum of export recovery and stimulate domestic demand through the activation of domestic tourism by foreigners."

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