Presidential Office: "Price Stability Is Most Urgent... Expected to Improve Somewhat Next Year"

Chunseop Park, Senior Secretary for Economic Affairs, Appears on Yonhap News TV

Park Chun-seop, the Chief Economic Secretary to the President, stated on the 15th, "The government regards price stabilization as the top priority policy and is operating a special inter-ministerial price stabilization system."

On the same day, Park appeared on Yonhap News TV and said, "The most urgent issue at this point is price stabilization," adding, "People are suffering greatly due to high prices and high interest rates, and I feel sorry that their living conditions are not good."

[Image source=Yonhap News]

He forecasted that the economic situation will improve next year. Park said, "It will show somewhat better conditions than this year," and added, "Exports turned positive from October, and next year, export growth will spread mainly in IT (Information and Communications Technology), so it will be higher than this year."

Regarding the decline in potential growth rate, he emphasized, "We will strive to raise the potential growth rate through deregulation and structural reforms to prevent low growth from becoming entrenched."

Regarding the employment situation, he said, "It seems difficult to expect the same increase in the number of employed persons as in the past," but also predicted, "As the export situation improves, the employment rate and unemployment rate will show a steady trend."

Regarding President Yoon's overseas visits, he explained, "During the COVID-19 pandemic, countries have pursued self-centered policies, making it very difficult for our companies abroad," and added, "It is much more helpful to resolve these issues through summit diplomacy since companies find it difficult to solve them on their own."