Handuksoo: "This Year’s Recovery Centered on Exports... Inflation Will Stabilize Around 2%"

"Promotion of Labor, Education, and Pension Reforms"

[Image source=Yonhap News]

Prime Minister Han Duck-soo stated on the 14th, "This year, improvements in exports, including semiconductors, are expected to lead economic recovery and growth, and inflation is projected to stabilize in the 2% range."

In his opening remarks at the high-level ruling party-government consultation held at the National Assembly that day, Prime Minister Han said, "Our country recorded the third highest export volume ever last year, and although inflation started at around 5% at the beginning of the year, it stabilized downward to the low 3% range by December. The government will expand the export-led recovery to domestic demand vitality such as consumption and tourism to restore the people’s economy."

He continued, "This year, the third year of the Yoon Suk-yeol administration, must be a turning point for a leap forward. We will steadfastly promote labor, education, and pension reforms, as well as responses to the climate crisis, to prepare for the future society."

He also said, "The government has navigated an unprecedented global complex crisis caused by high inflation and high interest rates, the Ukraine war, protectionism, and geopolitical conflicts between the U.S. and China. Despite difficult conditions, we have laid the groundwork for a leap forward by maintaining market economy principles and a sound economic stance based on private sector vitality."

He added, "The ruling party and government will closely consult and discuss the achievements of the national administration promised by the Yoon Suk-yeol government, and will unite as one to do our best so that the people can feel the results as soon as possible."

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