Chairman Ryu Jin of the Korea Economic Association: "Urgent Need to Discover New Growth Engines"

"Most forecasts predict global economic growth will be lower than last year"
"Labor market flexibility is needed... 'Labor productivity' must be increased"
"Korea Economic Association to strengthen response to international issues and global risks"

"The business environment will remain challenging in the new year. To stay ahead in the wave of digital transformation, it is urgent that we discover new technologies and new growth engines."

On December 28, Ryu Jin, Chairman of the Korea Economic Association, delivered his New Year's address, stating, "Due to the slowdown in the United States and the prolonged economic downturn in China, most forecasts predict that global economic growth will be lower than last year."

Ryu Jin, chairman of the Korea Economic Association, is giving a greeting at the 'Korea Economic Association Plaque Unveiling Ceremony' held in front of the FKI Tower in Yeouido, Seoul, on September 19.
[Photo by Kang Jinhyung aymsdream@]

Chairman Ryu emphasized, "We can no longer delay finding solutions to the structural issues that hinder economic growth, including the decline in the working-age population caused by low birth rates and an aging society." He added, "We must strive to increase labor productivity through labor market flexibility, as well as work to raise the economic participation rate of women and attract outstanding foreign talent."

He continued, "The business community will focus on enhancing the competitiveness of companies and industries through active employment and preemptive investment in advanced and core technologies." He stressed, "We also urge the government to boldly eliminate regulations that do not align with global standards and to make greater efforts to create a business-friendly environment, so that our companies can compete freely on the global stage."

FKI Tower Yeouido Seoul Korea Economic Association Plaque.
Photo by Jinhyung Kang aymsdream@

Chairman Ryu stated, "2024 will mark the official inaugural year of the Korea Economic Association," and added, "We will strengthen our ability to respond to international issues and global risks, and actively engage with overseas economic organizations and leading think tanks." He concluded, "With the spirit of 'Simsangsaseong' (where earnest wishes come true), we will work together with businesses, the government, and the people to achieve the goal of propelling the Korean economy onto the global stage."