Achieving strong economic recovery post COVID-19 and transforming South Korea into a pace-setting nation in 2021 is what President Moon Jae-in stressed during Thursday’s session of the National Economic Advisory Council.

We will deploy all available policy measures, including fiscal and financial ones, and achieve a clear recovery in the livelihoods of the people through the collective efforts of the private and public sector. We can say that we have completely overcome the COVID-19 crisis only when growth and people’s livelihoods are restored.

Seoul has fared relatively well thanks to its expansionary fiscal measures and aggressive COVID-19 tracking and tracing
with the economy rebounding in the third quarter of this year and posting the fastest pace of growth in the OECD.
Recently, the Economist ranked South Korea as the least vulnerable country in terms of long-term economic damage from the pandemic, giving it a score of three, the lowest, based on available data.
The weekly noted that emerging markets will feel the pinch for longer than advanced nations due to their vulnerability when it comes to labor market conditions and fiscal support.

We have to swiftly spend next year’s expansionary budget in the necessary areas. We need to speed up the securing of vaccines and swiftly provide support for virus-hit industries and social groups. I also ask for all out efforts from the private and public sector to revive jobs.

President Moon thanked his economic team for their hard work, noting that despite the dire situation, South Korea is on track to become one of the world’s ten largest economies. However, he stressed the need for the people to be able to feel that economic improvement, calling for further efforts to reduce disparity and polarization. Kim Min-ji, Arirang News.

Reporter : kimmj@arirang.com

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