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“Export-oriented growth has recovered significantly … gives expectations to overcome the crisis”
“I am very sorry about the effect of the crown reproliferation in August”
Hong Nam-ki, Deputy Prime Minister of Economy and Minister of Strategy and Finance, chairs the 4th Innovation Growth Strategy Meeting held at the Seoul Government Complex on the morning of the 27th. Photo = Yonhap News
Hong Nam-ki, Deputy Prime Minister of the Economy and Minister of Strategy and Finance, announced on the 27th that the Korean economy in the third quarter was on a recovery path. He predicted that the improvement will continue in the fourth quarter.
Vice Premier Hong said at the fourth innovation growth strategy meeting held at the government office in Seoul on the same day: “The growth trend has recovered significantly, focusing on exports, and has entered a path of recovery for economic normalization, he said.
Vice Premier Hong said: “Exports improved at a rapid pace thanks to the economic recovery in major countries such as China and strong exports of IT products, which led to a rebound in growth.”
He added that “the average daily value of exports in October is 2.1 billion dollars (about 2.3772 billion won), which continues the momentum of recovery beyond last year’s level.”
Vice Premier Hong assessed that the reproliferation of the new coronavirus infection (Corona 19) had an impact on the growth rate.
He said: “With the effect of the reproliferation of infectious diseases, the trend of improving domestic demand from June to July contracted again, limiting the scope of the rebound in growth,” he said.
It also estimated that “as expected, if there were no reproliferation of Corona 19 in mid-August and the trend of recovery of consumption continued at the level of the second quarter, a growth at the average level of 2% in the third quarter would have been possible. .
Vice Premier Hong predicted that the economy in the fourth quarter will continue to grow positively as in the third quarter.
He said: “In the fourth quarter, the economy is expected to continue to improve, focusing on domestic demand, thanks to the relaxation of the first stage of quarantine.” However, he explained that “the global expansion of Corona 19 is intensifying and there are also uncertainties about the US presidential elections and the conflict between the United States and China.”
Vice Premier Hong also unveiled a plan to boost domestic demand, saying: “We will increase the driving force for economic improvement through domestic demand and support for exports on the premise of a full quarantine response.”
He said: “With the resumption of payment of consumer coupons, we will promote national vitality packages such as the Korea Sale Festa and Christmas Market events scheduled to start this weekend.”
“We will also strengthen support for online exports so that exporting companies can take advantage of large-scale overseas purchasing events held from October to November.” Saying.
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