Choi Sang-mok: "Overall Economic Dynamism Declines... Structural Reform Will Be Pursued Concurrently"

Report on the Work of the Planning and Finance Committee on the 8th

Choi Sang-mok, Deputy Prime Minister for Economic Affairs and Minister of Strategy and Finance, stated on the 8th, "The overall economic dynamism is declining," and added, "The government will simultaneously promote structural reforms aimed at improving quality of life, focusing on vulnerable areas."

Choi Sang-mok, Deputy Prime Minister for Economic Affairs and Minister of Economy and Finance, is reporting on work at the plenary meeting of the Planning and Finance Committee held at the National Assembly on the 8th. Photo by Hyunmin Kim kimhyun81@

In his opening remarks at the National Assembly's Planning and Finance Committee briefing that day, Deputy Prime Minister Choi said, "Due to the impact of high inflation and high interest rates, as well as differences in recovery speeds between export and domestic demand sectors, the economic conditions felt by small business owners remain difficult."

He added, "The government plans to simultaneously promote structural reforms to enhance quality of life and strengthen the sustainability of the economy," and stated, "We will also make every effort to stabilize living costs and reduce livelihood expenses, which are the most direct burdens felt by the public."

He also said, "We will manage the real estate project financing (PF) market and the increasing household debt trend in a stable manner." The government is implementing a comprehensive 25 trillion won support plan for small business owners and self-employed individuals, including financial cost and rent assistance.