Deputy PM Choi Sang-mok's Press Briefing on Economic Outlook

Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok recently held a press briefing at the Government Complex Sejong, where he expressed concerns about South Korea's economic growth for the upcoming year. Choi stated that the economic growth rate for 2024 is likely to fall slightly below the potential growth rate of 2.0%.

The government's previous forecast of 2.2% growth in July has been revised downward due to various downside risks, including the slowed recovery in semiconductor-driven exports and political turmoil arising from Donald Trump's second-term administration. Choi emphasized the need for active government intervention to address the economic slowdown, including accelerated budget execution and potential supplementary budget measures.

Choi also highlighted the importance of bipartisan agreements for essential economic policies and addressed the surging exchange rate, attributing part of the increase to political events and the strong dollar. Additionally, the government plans to cut duty-free shop license fees by 50% to boost domestic consumption.