Choi Sang-mok: "This Year is a Crucial Time for Economic Rebound... Seeking Solutions to Structural Problems"

Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok stated on the 12th, "This year is a very important period for the re-leap of our country's economy," and announced plans to seek solutions to structural economic problems and restore dynamism.

On the same day, Deputy Prime Minister Choi held a 'Research Institution Forum for Realizing a Dynamic Economy' at the Korea Development Institute (KDI) in Sejong City, saying, "We will gather wisdom from experts to explore alternatives for solving structural problems and restoring dynamism, and to achieve early results."

The forum was attended by senior researchers from KDI, the Korea Institute for Industrial Economics and Trade, the Korea Labor Institute, the Science and Technology Policy Institute, the Korea Labor Institute, the Korea Institute for Health and Social Affairs, the Korea Research Institute for Vocational Education and Training, and the Korea Institute of Public Finance, as well as the head of the Economic Research Institute of the Bank of Korea, to discuss policy tasks.

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He stated, "Recently, our economy has been constrained by high entry regulations and weakening growth ladders, leading to restricted innovation and reduced dynamism across industries and companies, causing a continuous decline in potential growth rate." He added, "To enhance economic dynamism, urgent measures include increasing the high value-added nature of domestic industries through digital and green transitions, improving productivity through corporate scaling, education and labor reforms to enhance social mobility, and region-led local development."

The Ministry of Economy and Finance announced plans to present a roadmap for 'realizing a dynamic economy' within the first half of this year. It also added that even before the roadmap is finalized, tasks such as measures to improve social mobility by life cycle will be sequentially announced through the Emergency Economic Ministers' Meeting.

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