President Moon: "Economy Rebounds in New Year... Strong Export Momentum"

President Moon Jae-in is speaking at the Chief Secretary and Aide Meeting held at the Blue House on the afternoon of the 20th. [Image source=Yonhap News]

[Asia Economy Reporter Son Sun-hee] President Moon Jae-in said on the 20th, "Since the beginning of the new year, signs of our economy improving and rebounding are visible," adding, "I would like to once again express my deep gratitude to the people, and the government is very relieved to be able to speak of hope for the livelihood economy."

On the afternoon of the same day, President Moon presided over the first senior secretaries and aides meeting of the year at the Blue House Yeomin-gwan and said, "This is a result of the government consistently implementing policies to change the economic structure and focusing its capabilities to boost economic vitality, but above all, it is thanks to the efforts of all our people who united to overcome difficulties."

President Moon particularly noted, "What stands out is the favorable export trend," stating, "From the beginning of the year, the average daily exports have turned to an increase." He continued, "January’s monthly data cannot reveal this due to the shortened working days from the Lunar New Year holidays, but from February, it is expected to turn to an increase on a monthly basis as well," analyzing, "The main manufacturing industry has begun to stretch its muscles, which is a great strength." Regarding the semiconductor sector, which accounts for about 20% of Korea’s exports, he added, "As the global industry conditions improve, most research institutions commonly predict that performance will improve significantly from the second quarter and that annual export performance will also rebound with an increase."

President Moon also said, "Although last year’s automobile export volume slightly decreased, export value increased due to strong exports of high-priced vehicles such as SUVs and eco-friendly cars," and forecasted, "This trend will continue this year." Regarding the shipbuilding industry, he optimistically stated, "Global ship orders are expected to increase by about 50% compared to last year," adding, "Production and employment will continue to increase over the next two to three years, and export value, which is counted based on customs clearance, will also rise."

President Moon emphasized, "The government will actively leverage this positive trend," and said, "We will put more effort into fostering new industries to create future growth engines and spread the innovative startup boom to inject dynamism into the economy."

He also stated, "The improvement in the three major distribution indicators?Gini coefficient, quintile ratio, and relative poverty rate?is a remarkable change in our society," and added, "We will further develop the achievements so far and complete the framework of an innovative inclusive nation."

President Moon Jae-in is speaking at the Chief Secretary and Aide Meeting held at the Blue House on the afternoon of the 20th. [Image source=Yonhap News]

Regarding the Lunar New Year holiday starting on the 24th, President Moon said, "The government should faithfully implement the comprehensive Lunar New Year holiday measures already announced, including public safety and support for the common people," and urged, "In particular, there must be no negligence in traffic and safety management. Special traffic measures should be thoroughly implemented to ensure a comfortable journey home, and there should be no inconvenience in accessing medical services during the holiday period."

He also requested, "Please thoroughly inspect roads and transportation facilities to prepare against major accidents caused by adverse weather, and make special efforts to prevent fires and industrial accidents," adding, "With a 24-hour safety response system, do your best so that all citizens can spend the holiday happily without anyone being left out."