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Economy Economic Policy & Trends

Deputy PM Koo Yun-cheol: ‘Solid real-economy momentum continues’… Economic oversight strengthened around Emergency Economic Headquarters

June all-industry production posts largest gain in six years… careful response signaled amid prolonged Middle East war

Posted Article No. 54285

On July 31 at the Government Complex Seoul, the government convened a meeting of the Emergency Economic Headquarters that also served as a meeting of economy-related ministers and a task force of ministers on special management of livelihood prices, discussing key issues including the response to the Middle East war, factory-fire safety, revitalization of the budget mobile (MVNO) market, and the introduction of a sovereign wealth fund. The government assessed that the real economy is maintaining solid momentum, while stressing vigilance over external uncertainties.

  [코리안투데이] 비상경제본부 회의 겸 경제관계장관회의 겸 민생물가 특별관리 관계장관 TF 개최 © 장형임 기자

Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol presided over the meeting of the Emergency Economic Headquarters — held jointly as a meeting of economy-related ministers and a task force of ministers on special management of livelihood prices — at 8:30 a.m. on July 31 at the Government Complex Seoul. The meeting was attended by ministers and vice ministers of related agencies, including the Ministry of Science and ICT, the Ministry of Culture, Sports and Tourism, the Ministry of Agriculture, Food and Rural Affairs, the Ministry of Health and Welfare, the Ministry of Climate, the Ministry of Employment and Labor, the Ministry of Land, Infrastructure and Transport, the Ministry of Oceans and Fisheries, the Ministry of SMEs and Startups, as well as the Office of Planning, the Office for Government Policy Coordination, the Fair Trade Commission, the Korea Customs Service and the Public Procurement Service, along with the chairman of the National Research Council for Economics, Humanities and Social Sciences.

  [코리안투데이] 비상경제본부 회의 겸 경제관계장관회의 겸 민생물가 특별관리 관계장관 TF 개최 © 장형임 기자

  [코리안투데이] 비상경제본부 회의 겸 경제관계장관회의 겸 민생물가 특별관리 관계장관 TF 개최 © 장형임 기자

Koo said, ‘The all-industry production figure for June released today rose at the largest pace in six years, and both July consumption and the business sentiment index also showed improvement, so solid real-economy momentum is continuing.’ All-industry production in June increased 2.3 percent from the previous month, the consumer sentiment index stood at 106.8 in July, up 0.2 point from the prior month, and the business sentiment index (performance) rose 0.8 point to 98.5.

  [코리안투데이] 비상경제본부 회의 겸 경제관계장관회의 겸 민생물가 특별관리 관계장관 TF 개최 © 장형임 기자

However, Koo emphasized, ‘With the Middle East war becoming prolonged — including the renewed clash between the United States and Iran — financial markets are also showing high volatility,’ adding, ‘The government will maintain particular vigilance and, centered on the Emergency Economic Headquarters meeting, examine the economic situation even more closely and respond in a timely manner.’ He went on to say, ‘We will also accelerate structural innovation of the economy to fundamentally stabilize people’s livelihoods and enhance the competitiveness of the corporate ecosystem.’

  [코리안투데이] 비상경제본부 회의 겸 경제관계장관회의 겸 민생물가 특별관리 관계장관 TF 개최 © 장형임 기자

The meeting discussed items including a review of the response to the Middle East war, measures to strengthen factory-fire safety, a plan for a leap to Budget Mobile (MVNO) 2.0, and a plan to introduce a Korean-style strategic sovereign wealth fund. Given that external risks persist despite improvement in the indicators, the government’s policy of reinforced oversight is interpreted as an intent to preemptively block instability in prices and financial markets from spilling over to households and businesses.

지역 홍보대사 신청 기자양성과정 신청 코리안투데이 지부장 신청 코리안투데이 인천강화

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Jang Hyung-im, Reporter

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