Finance minister says South Korea’s economy shows signs of recovery
Signs of economic recovery are becoming increasingly evident in South Korea, and gross national income per capita may exceed $40,000 this year, Finance Minister Koo Yun-cheol said. The Korea Herald reports.
Growth in nominal GDP
During a meeting of ministers responsible for economic policy, Koo Yun-cheol noted that South Korea’s nominal gross domestic product grew at its fastest pace in 47 years in the second quarter.
GDP reflects the volume of production within a country, while gross national income covers the total income of residents earned both domestically and abroad. According to the minister, despite difficult circumstances, the country’s economy is moving increasingly clearly toward recovery and growth.
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Plans for the steel industry and housing
Meeting participants also discussed upgrading the steel industry. Areas of focus include introducing artificial intelligence technologies into production processes and transitioning to more environmentally friendly practices. The government plans to present detailed measures in the fourth quarter.
In addition, authorities considered converting vacant premises in knowledge industry centers, established to support small businesses, into public housing for young people and newlyweds. The government also intends to expand the range of activities permitted in such centers by replacing a list of permitted sectors with a list of prohibited ones.
Participants separately discussed combating financial crimes in trade, including falsifying export data to illegally obtain state subsidies and passing off cheap imported goods as domestically produced products.
