Government to Announce Second Half Economic Growth Strategy Including Structural Reform Tasks in June (Comprehensive)

Taereung Golf Course Project to Break Ground One Year Early for Accelerated Housing Supply

The government will announce its 'Second Half Economic Growth Strategy' next month, which will include measures to strengthen economic security and an energy transition strategy. To accelerate housing supply, the plan to develop housing on the Taereung Golf Course site will be moved forward by one year.

On the 15th, Deputy Prime Minister and Minister of Economy and Finance Koo Yoon-cheol presided over an Emergency Economic Headquarters and Economic Ministers' Meeting at the Seoul Government Complex, where these matters were discussed. The meeting was attended by the Ministry of Science and ICT, the Ministry of the Interior and Safety, the Ministry of Agriculture, Food and Rural Affairs, the Ministry of Trade, Industry and Energy, the Ministry of Land, Infrastructure and Transport, and the Ministry of Oceans and Fisheries, among others.

Deputy Prime Minister Koo emphasized, "The global economy is now at the beginning of a new paradigm," adding, "Amid rising geopolitical tensions such as changing trade environments and the Middle East war, and with the rapid transition to artificial intelligence (AI) and a green economy, we will do our utmost to seize opportunities in this time of change and enable the economy to take a further leap forward through structural reforms."

Based on this recognition of the current situation, the government revealed its plan to include economic security strengthening, an energy transition strategy, a rebound in the potential growth rate, and structural reform tasks in the second half economic growth strategy, which is scheduled to be released at the end of next month.

Deputy Prime Minister Koo stressed, "We will prepare strategies for economic security and energy transition, drawing lessons from the Middle East war. In addition, we will develop tasks to achieve a rebound in the potential growth rate and address polarization, while thoroughly re-examining the effects of changing economic conditions such as a strong semiconductor sector in order to present an updated economic outlook and macro policy direction."

At the meeting, the government closely examined supply and demand trends for essential items for daily life and industry, such as syringes, needles, agricultural fertilizers, asphalt, and ready-mix concrete admixtures, and discussed ways to stabilize supply chains. Items with persistently high prices, such as syringes, will be continuously monitored to prevent market disruptions such as hoarding, and the supply and sale of urea fertilizer will be strictly managed, with limits set not to exceed the previous year's sales volume.

Regarding price management, Deputy Prime Minister Koo stated, "We will ensure that the second round of support payments for those affected by high oil prices is delivered without delay from the 18th," adding that the government is taking measures such as applying quota tariffs to imported chicken and pork, and increasing the volume of pork supplied to the wholesale market starting this month.

Meanwhile, immediately after the Emergency Economic Headquarters meeting, Deputy Prime Minister Koo also chaired a meeting of ministers related to real estate. He emphasized, "Rapid supply is the most important factor," and "We are doing everything possible to compress every stage of implementation so that the announced plans translate directly into housing for the public, and to move forward the supply timeline."

The government announced that for the Taereung Golf Course, one of the key project sites, groundbreaking will take place in 2029, a year earlier than the original plan of 2030. In addition, for about 2,900 units in areas such as Gangseo military land and redevelopment of old government buildings, procedures such as exemption from preliminary feasibility studies are being carried out as scheduled, with plans to begin construction in 2027 after completing the necessary follow-up steps.

Deputy Prime Minister Koo stated, "We are pursuing a more thorough separation between the real estate market and finance," adding, "We are also rigorously inspecting and responding strictly to any activities that disrupt the order of the real estate market, in cooperation with relevant agencies." The government also announced that it is closely monitoring the implementation of the newly established targets for mortgage loan management this year, and aims to improve the system for monitoring the use of business loans for non-business purposes within the first half of the year.

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