The government said on the 17th that at the Group of 20 (G20) finance and Central Bank deputy governors' meeting held for two days from the 14th in Fort Lauderdale, Florida, it presented Korea's emergency economic response status and proposed that the G20 craft practical solutions to stabilize postwar energy and critical minerals supply chains and bolster economic resilience.
At the global economy session that day, participants reviewed the economic impact of the Middle East war and reaffirmed the need for policy responses and coordination for vulnerable countries. The Ministry of Economy and Finance used the occasion to introduce Korea's response, including efforts to stabilize prices and supply chains and support affected businesses, and stressed that G20-level practical measures are needed to stabilize postwar energy and critical minerals supply chains and strengthen economic resilience.
At the economic growth session, the government said whole-of-government regulatory innovation efforts, rationalizing regulations in new industries such as artificial intelligence (AI) and Autonomous Driving, close communication between the government and the private sector on nurturing talent in advanced fields, and creating a business-friendly environment are essential for sustainable growth. At the global imbalances session, the importance of the International Monetary Fund (IMF) and the Organisation for Economic Co-operation and Development (OECD) was noted to strengthen analysis and surveillance of imbalances. In addition, sessions on developing countries' debt rescheduling and the financial sector were held.
Based on the outcomes of this deputies' meeting, the G20 plans to continue discussions at the G20 finance ministers and Central Bank governors' meeting on Aug. 29 in Asheville, North Carolina.