Choi Sang-mok "Accumulated High Inflation Burden... Livelihood Conditions Are Not Easy"

26th Economic Ministers' Meeting
Dynamic Economy Roadmap to be Announced Early Next Month

Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok said on the 26th, "It will take time for the public to feel the economic recovery firsthand due to the accumulated burdens of high inflation and high interest rates."

At the Economic Ministers' Meeting held at the Government Seoul Office on the same day, Deputy Prime Minister Choi stated, "Although the economic recovery and the slowing inflation trend are expected to continue in the second half of the year, the living conditions of the people remain challenging." He emphasized, "In particular, small business owners are facing significant difficulties due to structural factors such as increased debt, and we will focus our policy capabilities to stabilize the livelihoods of vulnerable groups as soon as possible."

Deputy Prime Minister Choi evaluated, "Exports are expected to recover to near record-high levels, and the inflation rate is stabilizing in the 2% range," adding, "The macroeconomy is gradually regaining stability." The government plans to announce the 'Dynamic Economy Roadmap' early next month to improve structural livelihood issues and enhance the sustainability of the Korean economy. At the meeting, comprehensive support plans for the semiconductor ecosystem, measures to revitalize the dynamism of research institutes' ecosystems, and knowledge liquidity were discussed.