At an economic ministers’ meeting on the 28th, Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok mentioned that the third-quarter Gross Domestic Product (GDP) fell short of expectations. He stated, “The economic team will pay close attention to uncertainties related to the economy and will carefully monitor domestic and external conditions, as well as trends in each sector.”
This is attributed to the impact on growth momentum from sluggish performance in the construction sector and export adjustments, despite a recovery in domestic demand.
Deputy Prime Minister Choi particularly noted, “The export adjustments are due to a base effect following six consecutive quarters of growth and temporary factors such as production disruptions in the automobile sector.” While these temporary factors are expected to resolve, he emphasized the need for thorough preparation as external variables, including the U.S. presidential election, major economies’ performance, and instability in the Middle East, continue to present uncertainties.
The government plans to implement a 26 trillion won support package to strengthen competitiveness in key industries, including semiconductors, petrochemicals, and secondary batteries.
For the semiconductor industry, support includes the establishment of industrial complexes, water supply assistance, and low-interest loans, as well as expanding power transmission infrastructure and training specialized personnel.
For the petrochemical industry, efforts will focus on promoting high-value-added technology development and eco-friendly transition, while the secondary battery industry will receive support for a specialized complex infrastructure and supply chain stabilization funds to ensure stable raw material procurement.
Additionally, the government reaffirmed its commitment to support construction investments and vulnerable sectors to further boost domestic demand.
Regarding the military conflict between Israel and Iran, Deputy Prime Minister Choi announced the establishment of an interagency emergency response system to prepare for all possibilities, adding that if volatility in the foreign exchange or financial markets escalates excessively, a rapid response will be enacted in coordination with related agencies based on contingency plans.
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Choi Sang-mok, "26 Trillion Won Support for Key Industries Amid Economic Uncertainty"
At an economic ministers’ meeting on the 28th, Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok mentioned that the third-quarter Gross D
www.sankyungtoday.com
