Deputy Prime Minister Choi Sang-mok Prioritizes Reviving Domestic Demand

Deputy⁣ Prime Minister and Minister of Strategy and Finance, Choi Sang-mok, emphasized​ the⁤ importance‌ of revitalizing domestic ‌demand in​ the short term.

During a government debate, Deputy ⁢Prime Minister Choi responded to a question about the sluggish domestic demand⁢ and rising household debt, stating that revitalizing domestic ‌demand is a priority.

Regarding the Bank of Korea’s decision to freeze the base interest rate, Choi expressed respect for⁣ the ‌decision, saying,⁤ “We respect⁣ the Bank of ⁤Korea’s interest⁣ rate decision ⁤as much as possible.”

Deputy Prime Minister Choi​ acknowledged that ⁤the ⁣economy is recovering from a complex crisis, with inflation ⁣rates ⁤decreasing to the target level⁣ of 2% and growth surpassing the potential level due to robust exports.

However,​ he ⁣noted that⁣ domestic demand appears to be recovering slowly and that the government feels a heavy sense of responsibility for the difficulties faced by vulnerable sectors.

Choi also announced plans to review measures to protect general shareholders from​ mergers and divisions, as well as push for⁤ value-added tax incentives and abolish financial investment income tax.

Key Takeaways

• Deputy Prime Minister Choi ​prioritizes ⁣revitalizing domestic demand in the short term.
• The government respects the Bank of Korea’s interest rate decision.
• The economy is recovering ‍from a complex ⁣crisis, with ‍decreasing inflation rates and robust exports.
• Domestic demand appears to⁤ be recovering slowly.
• The government plans ‌to review measures to ⁢protect general shareholders and push for tax incentives.