Deputy Prime Minister Hong Nam-ki and Minister of Strategy and Finance are listening to all of the comments of Prime Minister Jeong Sye-gyun at the State Council meeting held at the Sejong Government Complex on the morning of the 26th. Sejong = Newsis
Deputy Prime Minister Hong Nam-ki and Minister of Strategy and Finance evaluated last year’s economic growth rate released on the 26th as “a result of re-proving that our economy is a crisis-resistant economy.”
Deputy Prime Minister Hong told Facebook on the same day that “it has strengthened the basis for violating rapid and strong economic recovery despite the third coronavirus spread. “The reverse growth range was much smaller.”
He said, “It was possible not only because of the dedication of the quarantine team, but also because of the unified strength, sweat, sacrifice, and enthusiasm of all the people and economic actors, including Korean companies, workers, households, and the government.”
The Bank of Korea announced that last year’s annual gross domestic product (GDP) growth rate was -1.0%. Quarterly, the company experienced negative growth in the first quarter (-1.3%) and the second quarter (-3.2%) and grew 1.1% in the fourth quarter following the third quarter (2.1%).
The annual growth rate is higher than the estimate of the growth rate (-1.1%) that the government disclosed in the direction of economic policy at the end of last year, as well as the estimates of the Bank of Korea and the Korea Development Institute (-1.1%).
However, it showed pain in the sluggish domestic demand. Deputy Prime Minister Hong said, “A clear improvement trend in exports, which was confirmed by real indicators in the fourth quarter of last year, and sluggish domestic demand arising from the third spread, were also intact with GDP statistics. I am very sorry that I did not prevent it.”
“The prolonged sluggish domestic demand and the resulting difficulties in public welfare are the most painful part,” he said. “It is the most urgent task to calm the spread of corona as soon as possible through thorough quarantine and to make normal economic activities and daily life possible.”
Regarding export advancement, which was the driving force behind positive growth in the fourth quarter, he said, “The manufacturing competitiveness that we have accumulated over the years has been a big foundation.” It adds to the anticipation for “.”
Deputy Prime Minister Hong also emphasized the role of finance that shined in the crisis. In response to last year’s Corona 19, the government has pushed forward a total of 310 trillion won worth of support measures, including an additional budget for the first four times in 59 years. He wrote, “Financials contributed significantly to last year’s growth, buffering negative growth,” he wrote. “Financials played a role when the private sector was difficult due to the economic crisis.”
Sejong = Park Se-in reporter [email protected]
