Current and Former Economic Chiefs Say "Facing Livelihood Economy Difficulties, Structural Improvement Needed"

Choi Sang-mok, Deputy Prime Minister and Minister of Economy and Finance, is attending the "Former Deputy Prime Ministers and Ministers of Economy Policy Meeting" at the Bankers' Hall in Jung-gu, Seoul, on the 1st, posing for a commemorative photo. From the left: Yoon Jeung-hyun, former Minister of Economy and Finance; Jang Byung-hwan, former Minister of Planning and Budget; Choi Sang-mok, Deputy Prime Minister; Jeon Yoon-chul, former Deputy Prime Minister; Kang Man-soo, former Minister of Economy and Finance; Kim Byung-il, former Minister of Planning and Budget; Yoo Il-ho, former Deputy Prime Minister. Photo by Ministry of Economy and Finance

Current and former economic officials advised that the difficulties in the livelihood economy and domestic and international uncertainties continue, emphasizing the need to enhance economic dynamism and improve the economic structure.

On the 1st, the Ministry of Economy and Finance held the "Policy Meeting of Former Deputy Prime Ministers and Ministers of Economy" at the Bankers Club in Jung-gu, Seoul. This meeting was held ahead of the announcement of the economic policy direction for the second half of the year and the Dynamic Economy Roadmap. Attendees included former Deputy Prime Ministers Jeon Yoon-cheol and Yoo Il-ho, former Ministers of Planning and Budget Kim Byung-il and Jang Byung-wan, and former Ministers of Economy and Finance Kang Man-soo and Yoon Jeung-hyun.

At the event, Choi Sang-mok, Deputy Prime Minister and Minister of Economy and Finance, stated, "Recently, while our macroeconomic indicators have improved, difficulties in people's livelihoods persist. Due to the accumulation of structural problems, we are facing a decline in dynamism, and there are numerous challenges to address, such as tax reform and fiscal soundness."

The Ministry of Economy and Finance reported that the former deputy prime ministers and ministers shared this understanding of the situation and presented various opinions on price stability, boosting domestic demand, and regulatory reform to enhance economic dynamism and improve the economic structure.