Gwangju Gyeongchong Holds the 1665th Friday Morning Forum

Invitation of Donggeun Lee, Executive Vice Chairman of Korea Employers Federation
Lecture on Challenges and Response Strategies for the Korean Economy and Industry

On the morning of the 18th, Gwangju Employers Federation held the 1665th Friday Breakfast Forum at the convention hall on the 3rd floor of the Holiday Inn Hotel, with about 150 attendees. The forum featured Lee Dong-geun, Executive Vice Chairman of the Korea Employers Federation, as the guest speaker, discussing "Recent Economic Conditions and Major Issues."
[Photo by Gwangju Employers Federation]

The Gwangju Employers Federation (Chairman Yang Jin-seok, Chairman of Howon Co., Ltd. and Happiness CC) held the 1665th Friday Breakfast Forum on the morning of the 18th at the 3rd floor convention hall of the Gwangju Holiday Inn Hotel, with over 150 attendees. They invited Lee Dong-geun, Executive Vice Chairman of the Korea Employers Federation, to speak on the topic of "Recent Economic Conditions and Major Issues."

Vice Chairman Lee previously served as Director of the Trade and Investment Office at the Ministry of Knowledge Economy, Director General of Planning and Budget at the Ministry of Trade, Industry and Energy, President of the Hyundai Research Institute, and Executive Vice Chairman of the Chamber of Commerce and Industry. He is currently serving as the Executive Vice Chairman of the Korea Employers Federation.

At the forum, he explained domestic and international economic trends and outlooks, the challenges facing the Korean economy and industry, and proposed response strategies.

In his lecture, Vice Chairman Lee stated, “The global economy is in a gradual recovery phase, but due to geopolitical risks and accumulated high inflation and high interest rates, there are concerns about a downward economic trend, so it is not a stage to be complacent.” He added, “The Korean economy continues to grow centered on semiconductors, but due to the prolonged effects of high inflation and high interest rates, consumption remains sluggish. This year’s growth rate is expected to be around 2.5%, and next year’s economic growth rate is likely to fall to about 2.0%.”

Vice Chairman Lee identified the risk factors for the Korean economy and industry as ▲ entrenched low growth due to low birthrate and aging population ▲ sluggish development of new industries and declining competitiveness of key industries ▲ rigid labor market and excessive industrial and environmental regulations ▲ confrontational and conflictual labor-management relations.

He emphasized, “As solutions, active deregulation to expand investment, legal and institutional reforms to foster future new industries, wage system restructuring, and measures to ease employment rigidity must be pursued.” He also stressed, “Along with expanding R&D investment, nurturing talented personnel in core fields is necessary.”

Meanwhile, the 1666th Friday Breakfast Forum of the Gwangju Employers Federation will be held on the 25th, inviting Park Joo-jeong, former Superintendent of the Gwangju Western Office of Education, to give a lecture on the theme “Character Comes First, and Education is the Only Hope.”