President Moon Receives Report on 2022 Economic Policy Directions

President Presides Over Expanded National Economic Advisory Meeting... Prime Minister and Deputy Prime Ministers for Economy and Social Affairs Attend

[Asia Economy Reporter Ryu Jeong-min] On the afternoon of the 20th, President Moon Jae-in received a report on the '2022 Economic Policy Direction' at the Blue House State Guest House. The event was held concurrently with the expanded National Economic Advisory Council meeting presided over by the President.

The Blue House stated, "President Moon (Chairman of the National Economic Advisory Council) presided over the expanded National Economic Advisory Council meeting at the Blue House State Guest House, attended by Vice Chairman Lee Geun of the National Economic Advisory Council, 22 private committee members, key ruling party figures including the Democratic Party floor leader, the Prime Minister, Deputy Prime Ministers for Economy and Social Affairs, and ministers of related government departments, as well as other major economic figures."

The National Economic Advisory Council is a presidential advisory body established by the Constitution to formulate important economic policies. This meeting was the fifth event presided over by the President during the Moon Jae-in administration. Prime Minister Kim Boo-kyum, Deputy Prime Minister for Economy and Minister of Strategy and Finance Hong Nam-ki, and Deputy Prime Minister for Social Affairs and Minister of Education Yoo Eun-hye attended.

[Image source=Yonhap News]

The Blue House explained, "In addition to private and ex officio members, ministers of related government departments, Yoon Ho-jung, floor leader of the Democratic Party, and Park Wan-joo, chairman of the Democratic Party Policy Committee, attended," adding, "The 2022 Economic Policy Direction was reported to and discussed with the President to restore daily life and the economy beyond crisis recovery and to leap forward into a leading economy."

Meanwhile, the Blue House explained, "Discussions were conducted focusing on two major themes: an inclusive nation that serves as a model for crisis recovery and a leap from a catching-up economy to a leading economy, to gauge the domestic and international economic situation and policy direction for the coming year."

Regarding the first theme, 'An inclusive nation that serves as a model for crisis recovery,' Ryu Deok-hyun, member of the Macroeconomics Division and professor of economics at Chung-Ang University, delivered a keynote speech on ‘Economic recovery following successful quarantine and policy directions for complete economic normalization.’

Kim Hyun-ah, member of the Livelihood Economy Division and head of the Fiscal Policy Research Office at the Korea Institute of Public Finance, gave a keynote speech on ‘Strengthening fiscal roles to revitalize the livelihood economy and respond to demographic changes.’

[Image source=Yonhap News]

Sung Hyo-yong, member of the Macroeconomics Division and professor of economics at Sungshin Women’s University, expressed the opinion that expansion of social and employment safety nets through active and inclusive fiscal management is necessary.

Kwon Seon-joo, member of the Livelihood Economy Division and CEO of Blue Cloud Co., Ltd., emphasized the importance of establishing systems to mitigate the impact of job structure changes due to digital transformation.

Regarding the second theme, 'Leap from a catching-up economy to a leading economy,' Ji Man-soo, member of the External Economy Division and head of the International Finance Research Office at the Korea Institute of Finance, delivered a keynote speech on ‘Diversification of trade topics and the importance of Asia-Pacific and New Southern policies in response to changes in the domestic and international economic environment.’

Oh Jun-byeong, member of the Innovation Economy Division and professor of economics at Inha University, gave keynote speeches on ‘Active innovation policies and fostering talent and infrastructure to secure next-generation growth engines and accelerate innovation.’

Jeon Seon-ae, member of the External Economy Division and professor at the Graduate School of International Studies at Chung-Ang University, expressed the opinion that pursuing the New Southern Policy from a long-term perspective based on universal first-class values is important.

Lee Rena, member of the Innovation Economy Division and CEO of Remedy Co., Ltd., stated the view that securing economic dynamism through venture startups by expanding support at each startup stage is necessary.