"Creating an Atmosphere to Promote Annual Leave Usage"
"Should Not Be a One-Time Effort"
Economic organizations unanimously welcomed the domestic demand revitalization measures announced by the government on the 29th.
On this day, the government held an emergency economic and livelihood meeting chaired by President Yoon Seok-yeol and announced measures to boost domestic demand. The measures included support for travel and vacation expenses worth up to 60 billion won.
In response, the Federation of Korean Industries (FKI) stated, "If the difficulties in the real economy are left unattended any longer, the economic downturn could become prolonged and even damage growth potential. Therefore, the government's domestic demand revitalization measures are timely."
The FKI added, "The various measures covering tourism and cultural sectors will greatly help local economies and small business owners who are suffering from the economic recession. The plans to reduce burdens in agriculture, telecommunications, and finance will also alleviate living expenses for vulnerable groups."
Deputy Prime Minister for Economy Choo Kyung-ho is announcing measures to revitalize domestic demand on the 29th at the Government Seoul Office in Jongno-gu, Seoul. Photo by Dongju Yoon doso7@
The Korea Chamber of Commerce and Industry (KCCI) also evaluated, "The government's domestic demand revitalization measures announced to overcome the global economic slowdown and domestic consumption sentiment contraction are very timely."
The KCCI said, "In a situation where high inflation and high interest rates have prevented recovery to pre-COVID-19 levels, policies that promote domestic consumption to drive economic growth will enhance the competitiveness of domestic companies and help create jobs. We hope that the government's domestic demand revitalization measures will not be a one-off event or promotion, but that the government, local governments, and companies will join forces to serve as a catalyst for the recovery of the domestic economy."
The Korea Employers Federation (KEF) welcomed the measures, saying, "They will significantly help restore weakened consumer sentiment and revitalize the domestic tourism industry and local commercial districts that continue to face difficulties. We will strive to achieve good results in the industrial field, such as promoting the use of annual leave."
The Korea International Trade Association (KITA), through a comment by Senior Vice Chairman Jeong Manki, said, "We welcome the government's domestic demand revitalization measures. Domestic demand revitalization is a key factor for our economic growth alongside exports, and by providing new domestic demand to the export sector, it is expected to be a good opportunity for the export industry, which is facing a survival crisis due to the contraction of global demand, to overcome the crisis."
KITA explained, "In particular, facilitating the use of annual leave and supporting the spread of workations will contribute to productivity improvement by ensuring rest and recharging for export industry workers. The increase in international flights and expansion of K-content to activate foreign tourism in Korea are expected to greatly contribute to expanding exports in our trade sector by promoting Korea's brand value and improving the national image."
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