President Yoon Suk Yeol said Tuesday that the second half of 2023 will be an important inflection point for the economy as it takes a step further in its growth after overcoming various crises.
Yoon made the remark while presiding over a government meeting on economic policy directions for the second half of the year, citing recent positive indicators, such as inflation falling from over 6 percent to the 2 percent range, and last month's turnaround from a trade deficit to a surplus.
"I believe the second half of this year will be an important inflection point showing the potential of the South Korean economy, which has grown a step further while overcoming crises," he said during the meeting at the former presidential compound of Cheong Wa Dae.
"Uncertainties remain in the external realm, and there are still forces that refuse change, but we will have to demonstrate the innovation capabilities built so far so the people can feel the results," he said.
Yoon stressed the need to increase exports, including by correcting rules and systems that go against the global trend, and revisited the subject of "cartels with benefits," a reference to corrupt forces in and outside the government.
"Structures that share the benefits by building cartels, instead of gaining benefits and rights through a fair and just compensation system, must be strictly destroyed," he said. "Cartels with benefits may look nice on the outside, but they are easily, conveniently and continuously plundering the people, and all public officials must not be afraid to confront them or turn a blind eye to them."
Yoon especially pointed to monopolistic and oligopolistic industrial structures, and "cartels with benefits" sharing government subsidies, saying such behavior should be reviewed thoroughly in the budget allocation process and removed completely.
He also lamented that various economic bills have been held up in the National Assembly, including a bill aimed at establishing fiscal rules.
"I ask all ministers to look only to the people and do everything possible to ensure these essential economic and public livelihood bills quickly take effect," he said.
The meeting brought together ministers and vice ministers from 18 ministries and officials from the National Economic Advisory Council, as well as the Presidential Advisory Council on Science and Technology.
Source: Yonhap News Agency