Interview with the Annual Delegation of Global Credit Rating Agency Standard & Poor's (S&P) on the 27th
Choi Sang-mok, Deputy Prime Minister for Economy and Minister of Economy and Finance, discussed major policy directions for the Korean economy with the annual consultation team from the global credit rating agency Standard & Poor's (S&P) at the Government Seoul Office on the afternoon of the 27th.
Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok is meeting with the annual consultation team, including Kim Eng Tan, Senior Director in charge of Country Credit Ratings for S&P Asia-Pacific, at the Government Seoul Office in Jongno-gu, Seoul, on September 27.
According to the Ministry of Economy and Finance, Deputy Prime Minister Choi forecasted that the export-driven economic recovery trend will continue due to factors such as the increase in global IT demand, and that this strong export performance will lead to improved corporate earnings and household income, gradually restoring domestic demand.
Deputy Prime Minister Choi mentioned that tailored support and incentives have been prepared for vulnerable sectors such as low-income groups and small business owners to strengthen the domestic demand recovery trend, and added that efforts will also be made to create quality jobs through corporate scale-up and regulatory innovation for fundamental domestic demand improvement.
Furthermore, Deputy Prime Minister Choi reaffirmed the commitment to fully reignite Korea’s economic growth engine through the ‘Dynamic Economy Roadmap’ announced last July. He also emphasized that efforts to secure future growth engines, such as strengthening investments in the ‘three game changers’?AI, quantum, and bio?are being continuously pursued.
S&P projected that Korea’s growth momentum, based on strong export competitiveness, will continue in the future. They reaffirmed the forecast that per capita GDP could exceed $40,000 by 2026 if such conditions persist. Additionally, they expressed hope that the Korean government’s efforts to advance capital and foreign exchange markets will bear fruit.
On this day, including the courtesy visit to Deputy Prime Minister Choi Sang-mok, S&P plans to conduct Korea’s annual consultation with various institutions such as the Ministry of Economy and Finance, Ministry of the Interior and Safety, Ministry of Foreign Affairs, Financial Services Commission, Bank of Korea, KDI, and KIEP until the 2nd of next month.
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