The Lee Jae-myung government has passed a major hurdle by reducing reciprocal tariffs from 25% to 15% through tariff negotiations with the United States and is now focusing on developing a 'growth strategy.' The government's plan is to establish a 'real growth strategy' to overcome low growth and stagnation in consumption, which have become entrenched.
According to the Ministry of Economy and Finance on the 4th, Deputy Prime Minister and Minister Koo Yun-cheol will preside over the Economic Ministers' Meeting at the Government Seoul Office on the 7th. This will be the first Economic Ministers' Meeting convened under the new government.
Prior to that, on the 5th, the first meeting of the Growth Strategy TF will be held at the Korea Chamber of Commerce and Industry.
The Growth Strategy TF is a transition from the 'Emergency Economic Check TF,' which was the first administrative order of President Lee Jae-myung. During the third meeting of the Emergency Economic Check TF, which he chaired on the 30th of last month, the president said, "Since the full range of departments is now in place, we need to shift the Emergency Economic Check TF to a Growth Strategy TF focused on long-term tasks," and he added, "I hope Deputy Prime Minister Koo will lead the TF, consult sufficiently with the private sector, and discover key policies that enable growth, recovery, and sustainable development while executing policies in a stable and robust manner."
The first meeting of the Growth Strategy TF will begin by listening to the opinions of private corporations. A government official mentioned, "We plan to hear the companies' views on regulatory improvement directions and rationalizing economic punishments that the current government is contemplating," and noted, "The corporations' opinions will be reflected in future policy development."
At the Economic Ministers' Meeting, discussions will focus on measures to revive consumption and expand construction investment to stimulate the economy. The topics discussed in the Growth Strategy TF and the Economic Ministers' Meeting will be comprehensively included in the new government's economic policy direction.
The Lee Jae-myung government is expected to announce its economic policy direction under the name 'Economic Growth Strategy' this month. Key elements are said to include ▲establishing an innovation ecosystem and enhancing corporate vitality ▲comprehensive AI transformation plans in all fields, regulatory rationalization, and measures to enhance corporate vitality ▲balanced regional development.