Deputy Prime Minister Koo Yun-cheol stated regarding areas damaged by heavy rains in Geoje, Tongyeong, and other regions: "The government will mobilize all available means, including the review of declaring special disaster areas, to support residents in these areas in returning to normal life as soon as possible."
Deputy Prime Minister Koo made this announcement at the 'Emergency Economic Headquarters Meeting and Gyeong Je-gwan-gye (Minister) Meeting and Special Management TF (Task Force) on Livelihood Prices' held at the Government Complex in Seoul on the 20th.
He also addressed measures to cope with rising price burdens exacerbated by heatwaves and heavy rains. Deputy Prime Minister Koo said, "The government is making all-out efforts through joint actions of relevant ministries to stabilize grocery prices for agricultural, livestock, and aquatic products," and promised, "We will prepare 'Livelihood Stability Measures' including large-scale discount events ahead of Chuseok without any delays."
He further emphasized, "We will systematically respond together with relevant ministries to acts that disrupt distribution order and hinder livelihood stability, such as unfair trade practices by monopolistic platforms, collusion, and various consumer deception activities."
Deputy Prime Minister Koo stressed, "Reflecting recent significant increases in exports, major institutional investors are successively revising up their growth forecasts for Korea's economy this year to the 3rd% range."
The Korea Development Institute (KDI), a government-funded research institution, presented its forecast for Korea's economic growth rate this year at 3.2%, an upward revision of 0.7 percentage points from its previous forecast. Moody's, an international credit rating agency, presented an even higher figure of 3.5% (previously 2.5%). This exceeds the 3.0% projected by the government in its second-half economic growth strategy for this year.
Deputy Prime Minister Koo stated, "The ratio of short-term foreign debt to foreign exchange reserves is stably maintained in the early 40% range, and CDS (credit default swap) premiums have actually declined compared to before the Middle East war, indicating that external financial stability remains robust."
However, he expressed caution regarding the continued uncertainty surrounding the Middle East war. Deputy Prime Minister Koo said, "With the expiration of the 60th-day deadline for negotiations on a ceasefire understanding between the United States and Iran, uncertainties over the Middle East war are expanding again," and emphasized, "The government will review past emergency response measures and make flexible adjustments according to changes in the situation to ensure stability in energy and supply chains."
Deputy Prime Minister Koo announced, "The ban on hoarding of urea and syringes, which expires at the end of August, will be extended by two additional months considering supply and demand conditions," adding, "As import conditions for urea improve due to China's export quota allocation, criteria for determining hoarding, such as storage volume, will be relaxed."
Previously, storing more than 150% of the previous year's monthly average sales volume was prohibited; this has now been relaxed to allow up to 200%. The ban on hoarding syringes had its criteria relaxed as of August 24th last month.
Deputy Prime Minister Koo stated, "The ninth maximum oil price, which will take effect at 0:00 on the 22nd, will be announced today after discussion, taking into account recent increases in international oil prices and burdens on livelihoods."
Regarding the ongoing Ulchi Freedom Guardian exercise, he said, "The current situation, with continued uncertainty over the Middle East war and resulting global supply chain instability, clearly demonstrates that 'security is economy' and 'economy is security.' During today's meeting held during the Ulchi Freedom Guardian exercise period, we will conduct a simulation and inspection of the operation of the Gyeong Je-gwan-gye (Minister) meeting in the event of a national emergency."
in ECONOMY
