Presiding over the 3rd Macro-Financial Situation Review Meeting... "A Time to Respond with Vigilance, No Room for Error"
On the morning of the 30th, President Yoon Suk-yeol presided over the 3rd Macroeconomic and Financial Situation Review Meeting at the International Financial Center in Myeong-dong, Jung-gu, Seoul, and ordered related measures.
[Asia Economy Reporter Baek Kyunghwan] President Yoon Suk-yeol on the 30th urged the economic team, led by the Deputy Prime Minister for Economy, to "operate a 24-hour domestic and international economic situation monitoring system and respond without any gaps." This was in consideration of the recent expansion of market volatility at home and abroad due to major countries' policy interest rate hikes and declines in major currency values, aiming to establish a response system for various variables.
On the same day, President Yoon presided over the 3rd Macroeconomic and Financial Situation Review Meeting at the Bankers Hall in Myeongdong, Seoul, where he checked the domestic and international economic and financial market situations with ministers from related departments and market experts, conveying these instructions.
President Yoon assessed the domestic and international financial situation, stating, "Since the U.S. Federal Open Market Committee raised interest rates last week, uncertainty has increased, causing international financial markets to fluctuate." Due to the unprecedented strong dollar effect, volatility in our financial and foreign exchange markets has increased, and there are concerns about a slowdown in the real economy amid global interest rate hikes and market instability.
In response, President Yoon said, "Compared to the past, we have built a solid breakwater in terms of external soundness and have taken some market stabilization measures, but now is the time to respond with greater vigilance," adding, "To reassure the market and the public, the economic team, centered on the Deputy Prime Minister for Economy, should operate a 24-hour domestic and international economic situation monitoring system and respond without any gaps."
He also mentioned, "Let's use the current crisis as an opportunity to improve the economic structure." President Yoon stated, "Since our economy faces difficulties every time energy prices surge, it is necessary to transform our industry into an energy low-consumption, high-efficiency structure," and added, "The government will actively support corporate efforts."
On the same day, President Yoon also held discussions on the economic and financial markets with financial and management support executives from major companies such as Samsung Electronics, Hyundai Motor Company, and LG Electronics. This was to assess the flow of the real economy through the voices of companies amid increased financial market volatility and to utilize this in the response system.
Previously, in the 1st and 2nd Macroeconomic and Financial Situation Review Meetings held in May and August, President Yoon invited not only ministers from related departments but also private experts and corporate officials to hear voices from the field. In both meetings, President Yoon promised private experts, saying, "Please always convey any problems detected on the ground," and "We will communicate in real time and take immediate necessary actions."
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