[2020 Future Business Forum] Lee Jeong-dong, 청 Special Advisor: "Post-COVID Low Growth Deepens, Corporate Support Must Increase"

Presidential Special Advisor for Economic Science Lee Jeong-dong: "A New Normal Era Will Return After COVID-19, Public Procurement Must Greatly Increase"
Announced at the '2020 Asia Future Enterprises' Forum Hosted by Asia Economy on the 28th

Lee Jeong-dong, Special Advisor to the President for Economic Science, is giving a lecture at the '2020 Asia Future Business Forum' held on the 28th at the Chosun Hotel in Jung-gu, Seoul, under the theme "The Direction of the Korean Economy in the COVID-19 Pandemic Era." Photo by Kang Jin-hyung aymsdream@

[Asia Economy Reporter Changhwan Lee] Presidential Special Advisor for Economic Science Jeongdong Lee stated, "After the unprecedented novel coronavirus disease (COVID-19) crisis, our economy will once again experience a low-growth (new normal) era," and added, "The government must significantly increase support for businesses to respond to the economic downturn."

At the '2020 Asia Future Business Forum' hosted by Asia Economy on the 28th at the Westin Chosun Hotel in Jung-gu, Seoul, Special Advisor Lee said, "The COVID-19 crisis differs from past events like the Great Depression or the global financial crisis in that the virus was the cause. Since it is a crisis originating outside the system, once the problem (virus) is resolved, the economy is likely to recover faster than before."

He evaluated, "Korea is overcoming the COVID-19 crisis in the most exemplary and innovative way in the world," and added, "During this process, advanced countries such as the United States and Europe have benchmarked Korea's quarantine procedures exactly, which was not seen in the past." He continued, "COVID-19 has become an opportunity for us to gain national confidence," and claimed, "This confidence will be directly passed on to the industrial sector in the future, contributing to the economic development of our country."

Special Advisor Lee emphasized, "In the recent economic growth forecast released by the International Monetary Fund (IMF), Korea was shown as the country that best withstood the COVID-19 shock, excluding China and India," and stated, "COVID-19 has become an opportunity to reaffirm the existence and capabilities of Korean industries, including large corporations, small and medium enterprises, and venture companies."

He viewed that the government's role will become more important after overcoming COVID-19. Special Advisor Lee predicted, "After COVID-19, nationalism and regionalism will intensify, slowing down globalization and strengthening the government's role," and added, "The government's role will expand deeply into the daily lives of ordinary citizens, including the movement of people and goods."

Accordingly, he stressed that the government should foster businesses and industries through more proactive procurement policies such as innovative public purchasing. He said, "In the future, regardless of whether countries are developed or developing, the largest group purchasing corporate products is likely to be the government," and added, "The government must buy corporate products through active policies like innovative procurement."

He further added, "Innovative corporate products resulting from attempts such as remote learning programs or new concept breathalyzers should be actively purchased." The event was held under the theme "The Direction of the Korean Economy in the COVID-19 Pandemic Era."