"Terrible Incident Happened at Once in May 2022"
"Economic Stability Through Yoon Leadership and Corporate Efforts"
"Interest Rate Cut in Second Half... Less Worry About Economy"
Prime Minister Han Duck-soo and Policy Committee Chairman Jeong Jeom-sik are attending and conversing at the 'Second Half Economic Policy Direction and Dynamic Economy Roadmap Announcement' event held on the 3rd at the Blue House State Guest House in Jongno-gu, Seoul. [Photo by Yonhap News]
Prime Minister Han Duck-soo said on the 3rd, "When the new government took office, looking at the economy we inherited, I truly felt that our country could collapse." However, he explained that most of the economy has now normalized and interest rates are expected to be lowered in the second half of the year.
Prime Minister Han made these remarks at the 'Second Half Economic Policy Direction and Dynamic Economy Roadmap Announcement' meeting presided over by President Yoon Suk-yeol on the same day.
Referring to the time when the new government took office on May 10, 2022, after the presidential election, Han said, "With everything overlapping, including the Ukraine war, raw material and energy prices rose, and our country faced deficits along with rising interest rates," recalling, "It was truly a terrible situation all happening at once."
He continued, "Moreover, the economy we inherited was managed recklessly in terms of fiscal policy to the extent that the whole world was issuing warnings," adding, "Under normal circumstances, the economy could not have been operated."
However, Prime Minister Han said, "These days, I really feel relieved," noting, "The growth rate is 2.6%, second only to the United States, and employment shows the highest employment rate in our history. We have reached a situation where we can worry less about economic management."
In particular, regarding the current high interest rate situation, Han said, "If we look at it hopefully, I think interest rates can only go down now," and predicted, "Probably in the second half of this year, a slight downward movement will appear worldwide."
Prime Minister Han said that the stabilization of the economy was influenced by President Yoon’s leadership and the efforts of companies.
He emphasized, "(President Yoon) has been heavily criticized and faced many difficulties," and "Despite hardships, companies went out to the global market and continued research and development (R&D). These two factors have given us confidence that our economy will never collapse."
Han said, "If we proceed with the principles of a 'responsive government,' a 'government that values the field,' and a 'government that removes walls between ministries' as President Yoon says, things will definitely improve," adding, "All that remains is to believe in that and unite around the best leader."
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