Choi Sang-mok "July Prices Temporarily Rebound... Stabilizing Trend from Next Month"

Government Holds Economic Relations Ministers' Meeting

Choi Sang-mok, Deputy Prime Minister and Minister of Economy and Finance, is announcing the economic policy direction for the second half of 2024 and the Dynamic Economy Roadmap with vice ministers from related ministries at the Government Seoul Office in Jongno-gu, Seoul, on the 3rd. Photo by Jo Yong-jun jun21@

As heavy rain damage causes fluctuations in agricultural product prices, especially vegetables, Choi Sang-mok, Deputy Prime Minister for Economy and Minister of Strategy and Finance, stated, "Due to abnormal weather and base effects, prices may temporarily rebound in July," and predicted, "Price stabilization trends will continue from next month."

On the 23rd, Deputy Prime Minister Choi chaired an economic ministers' meeting at the Government Seoul Office and said, "This summer, there is a high possibility that another hazardous weather condition, heatwaves, will follow immediately after the end of the monsoon season," adding, "To stabilize the supply and demand of agricultural products, we will release more than 300 tons per day of reserved cabbage and radish stocks within this month, and make thorough efforts for re-sowing of flooded crops and rapid disaster recovery."

He forecasted that although prices in July may temporarily rebound due to abnormal weather and base effects, from August onward, price stabilization trends will continue thanks to overall improvements in agricultural product supply and demand conditions.

Deputy Prime Minister Choi said, "To ensure employment stability for vulnerable groups, which is crucial for people's livelihoods along with price stability, all ministries will unite to implement detailed policy responses," and announced, "We will prepare support measures for construction industry jobs, which are facing increasing difficulties due to reduced work, within next month, and will also consider designating special employment support industries if employment decline worsens."

He continued, "To support vulnerable employment groups, we will promptly execute 4.6 trillion won of job budgets in the second half of the year, and through changes in fund operation plans, we will expand the support targets for regional employment promotion subsidies and living stabilization funds for low-income workers by more than 50,000 people."

Expansion of labor market policy infrastructure was also announced. Deputy Prime Minister Choi introduced, "Through the tax law amendment bill to be announced this week, we will redesign the integrated employment tax credit to strengthen support for companies that increase employment, and starting next month, we will pilot operate the ‘Youth Employment All-Care Platform,’ which discovers unemployed youth and provides outreach employment services."

The government swiftly executed 400 trillion won, equivalent to 63% of the annual plan for the first half of this year. The execution results include 357.5 trillion won in fiscal spending, 37 trillion won in public institution investments, and 2.8 trillion won in private investments. Deputy Prime Minister Choi said, "We will continue smooth execution flows in the second half and make policy efforts to revitalize domestic demand."

People-centered, field-experienced institutional improvement tasks related to livelihoods will also be promoted. First, the government will introduce for-sale silver towns in depopulated areas and actively expand the supply of ‘Senior Residences’ that combine elderly-friendly housing spaces with household, health, and leisure services, including supplying 3,000 welfare housing units annually for low-income elderly.