The government said on the 11th that starting in the second half of this year, it will expand and reorganize the current emergency economic ministers' meeting into the structural reform ministers' meeting. Since the Middle East war, the government has been holding the emergency economic ministers' meeting every week to review economic issues.
On the day, Koo Yun-cheol, Deputy Prime Minister for Economic Affairs and Minister of Economy and Finance, said at a press briefing, "From now until next year is the best golden time for structural reform," and "Starting in the second half, we will also operate the emergency economic ministers' meeting as the structural reform ministers' meeting to seek fundamental solutions to the structural problems of our economy."
According to the Organisation for Economic Co-operation and Development (OECD), Korea's potential growth rate is estimated to fall by 0.21 percentage point (p), from 1.92% last year to 1.71% this year. The potential growth rate refers to the maximum growth capacity achievable without causing inflation. Economic experts note that structural reform is needed to reverse this downward trend in the potential growth rate.