Prime Minister Han Duck-soo is speaking at the Cabinet meeting held at the Government Seoul Office in Jongno-gu, Seoul, on the morning of the 30th. [Image source=Yonhap News]
Prime Minister Han Duck-soo evaluated that balanced growth led by the private sector was achieved in the first quarter, but emphasized on the 30th that measures are needed to stabilize people’s livelihoods due to significant domestic and international uncertainties such as oil prices and exchange rates.
On the same day, Prime Minister Han held a Cabinet meeting at the Government Seoul Office and said, "There was an announcement from the Bank of Korea that our economy grew by 1.3% compared to the previous quarter and 3.4% compared to the same period last year in the first quarter of this year," adding, "This is the highest growth rate in 2 years and 3 months since the fourth quarter of 2021, and 4 years and 6 months excluding the COVID-19 period."
He stated, "Of the 1.3% growth rate, the private sector’s contribution accounted for the entire 1.3%, representing 'private-led growth' where the private sector fully contributed to growth," and "also evaluated it as 'balanced growth' where half of the economic growth was achieved through exports and external sectors, and the other half through domestic demand."
He added, "It is very meaningful that we secured the growth momentum of our economy despite various difficult domestic and international conditions."
However, Prime Minister Han pointed out, "Price stability directly related to people’s livelihoods remains a challenge that cannot be relaxed," and "Prices of some agricultural and marine products continue to rise, and uncertainties such as rising oil prices and exchange rates due to the Middle East situation remain significant."
He then said, "To firmly revive our economy, which is showing signs of recovery after a long time, the stability of prices and the livelihood economy must be supported," and urged, "Each ministry should do their best to take administrative and financial measures to stabilize people’s livelihoods in their respective areas."
From the 1st of next month, the 'Donghaeng Festival' will be held for four weeks to promote sales of products from small and medium-sized enterprises and small business owners and to revitalize domestic demand. The Donghaeng Festival is a representative domestic consumption activation festival that recorded sales of 4 trillion won last year.
Prime Minister Han said, "I hope the Ministry of SMEs and Startups, the Ministry of Culture, Sports and Tourism, the Ministry of the Interior and Safety, and other related ministries actively support and promote the event so that many citizens can participate," and added, "I also ask Cabinet members to take time to visit the event sites and for institutions to join in revitalizing domestic demand."
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