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Hong Nam-ki “Contemplating Special Measures for Domestic Demand … Announcement of Next Year’s Economic Policy Directorate for Next Month”
“We need to develop policies such as the response to regional extinction and the regeneration of the local economy”
Reporter Song Hyun-soo [email protected]
Entrance: 2020-11-27 22:22:27Revision: 2020-11-27 22:35:53Posted: 2020-11-27 22:36:39
Hong Nam-ki, Deputy Prime Minister of Economy and Minister of Strategy and Finance, speaks at the “Meeting of Heads of Research Institutes and Investment Banking Experts” held on the 27th at the Seoul government complex in Jongno-gu . yunhap news
On September 27, Deputy Prime Minister Hong Nam-ki and the Minister of Strategy and Finance said: “We are considering special measures to quickly restore the viability of the domestic economy in a situation where we must find a balance between quarantine and economy.
Deputy Prime Minister Hong held a meeting with the heads of leading research institutes and private investment banking (IB) experts at the Seoul Government Complex on the same day and said, “We are conducting in-depth review work among the competent ministries in relation to the direction of economic policy for next year with the aim of making a presentation in the middle of next month “.
The keywords for next year’s economic policy direction were “economic recovery, structural reforms, strengthening inclusion and preparing for the future”.
Regarding the “economic recovery”, Deputy Prime Minister Hong mentioned special measures for domestic demand, saying, “As a top priority, we are focusing on policy responses to fully overcome the 19 Crown crisis to create some momentum of economic recovery in the near future “.
He added: “There is a need to continue political efforts such as personalized harm reduction and support for maintaining employment for vulnerable groups such as small business owners and young people sensitive to economic fluctuations.”
Regarding structural reform and strengthening inclusion, Deputy Prime Minister Hong said: “With the acceleration of non-face-to-face digitalization and the transition to a green and low-carbon economy, the pace of adaptation it will determine the nation’s growth capacity and competitiveness “. He said: “We must increase the driving force by concretely implementing next year’s execution tasks so that we can advance the perceived results of the Korean version of the New Deal, which is a national development strategy.”
He also stressed: “It is urgent to raise the inclusiveness of our economic and social society to the next level, such as the creation of a close network of employment and social security for those struggling during the crown crisis and the structural reform process.”
Regarding “preparing for the future”, he said: “It is important to find and prepare for future growth engines, such as the intensive promotion of” BIG3 “sectors such as system semiconductors, autonomous vehicles and biotechnology.”
Deputy Prime Minister Hong said: “By operating the 3rd TF for population policy and establishing the 4th base plan for low birth rates and aging society, we must reduce the burden of childbirth and care, increase the adaptability to aging society, respond to local extinction and formulate policies such as the regeneration of the local economy “Fai” stressed.
As for the recent economic situation, “Due to the spread and control of Corona 19, we are repeatedly in contraction and recovery, the employment shock and the blow of the weakest are also repeated, and the difficulties persist”. -There was also a gap between the financial markets, “he diagnosed.
On that day, Deputy Prime Minister Hong announced that he would listen to attendees’ views on current global and domestic economic conditions, government policy response assessment and additional measures, and will use them to set economic policy directions for the next. year.
The meeting was attended by Jeongpyo Choi, president of the Korea Development Institute (KDI), Sangho Sangho, president of the Korea Finance Institute, Heungjong Kim, president of the Institute for Foreign Economic Policy (KIEP), Kyusik Bae, president of the Korea Labor Institute , Kiseok Song, head of BofA Merrill Lynch, Seokgil Park, vice president of headquarters of JP Morgan, First Bank of SC and Jong. Frequented.
Reporter Song Hyun-soo [email protected]
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