Koo Yun-cheol, Deputy Prime Minister and Minister of the Ministry of Economy and Finance, said the likelihood of achieving 3% annual growth this year and $40,000 in per capita gross national income (GNI) has become very high.
Deputy Prime Minister Koo said this regarding the Bank of Korea's announcement the previous day that the second-quarter real gross domestic product (GDP) growth rate (quarter-on-quarter, advance estimate) was 0.6%, at a meeting of the task force (TF) on special management of livelihood prices, which he chaired on the 24th at Government Complex Seoul.
Deputy Prime Minister Koo said, "The growth momentum continues to be strong following the first quarter," and added, "We will make every effort to realize the 3-4-5 vision—3% growth, top four in exports, and $50,000 in per capita income."
Regarding the renewed escalation of the Middle East war, he said, "As international oil prices rise and volatility increases, difficulties may arise in terms of prices and supply chains, so we will remain vigilant and prepare thoroughly."
Deputy Prime Minister Koo also said, "We will actively improve the institutional supplementation tasks identified during the Middle East war response process and use this as an opportunity to enhance the effectiveness of supply chain response systems and price stabilization measures."
He also said the eighth oil price cap, which will take effect from midnight on the 25th, will be announced at 7 p.m. today after discussions among relevant ministries.