[Economic Outlook] Discussion on Semiconductor Issues... October 20 Ministry of Economy and Finance and Ministry of Trade, Industry and Energy Audit

[Sejong=Asia Economy Reporter Kwon Haeyoung] The government will discuss current issues including the U.S. government's semiconductor company survey this week. The Bank of Korea will announce the September Producer Price Index. Additionally, a comprehensive national audit will be held on the 20th targeting the Ministry of Economy and Finance and the Ministry of Trade, Industry and Energy.

On the 18th, the government will hold the 1st Foreign Economic Security Strategy Meeting chaired by Deputy Prime Minister and Minister of Economy and Finance Hong Namki to discuss current issues such as the U.S. government's semiconductor survey.

The Foreign Economic Security Strategy Meeting is a separate ministerial-level meeting chaired by the Deputy Prime Minister under the Ministerial Meeting on Foreign Economic Affairs, aimed at more meticulously reviewing and responding to current issues by comprehensively considering economic and security factors. For issues combining economy and security, discussions will focus on this meeting rather than the Standing Committee of the National Security Council (NSC).

At the first meeting, issues such as the U.S. government's request for semiconductor information will be discussed. However, since the discussion is more procedural than conclusive, the final position is expected to be announced later.

The Bank of Korea will announce the September Producer Price Index on the 21st. With growing concerns about inflation, it is crucial to see whether producer prices rose again in September. Previously, in August, the Producer Price Index (110.72, with 2015 as the base year 100) rose 0.4% from July (110.28), continuing an upward trend for 10 consecutive months. Compared to August last year, the increase rate reached 7.3%, reflecting the base effect due to the impact of COVID-19.

On the 20th, a comprehensive national audit will be held targeting the Ministry of Economy and Finance, the Ministry of Trade, Industry and Energy, the National Tax Service, the Korea Customs Service, and Statistics Korea; on the 21st, the audit will cover the Ministry of Economy and Finance, the Financial Services Commission, the Financial Supervisory Service, the Bank of Korea, the Export-Import Bank of Korea, and the Korea Investment Corporation.