Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol delivers opening remarks at a joint emergency economic headquarters meeting, economic ministers' meeting and special cost-of-living task force meeting held at Government Complex Seoul in Jongno-gu, Seoul, on Friday. [Yonhap]
Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol delivers opening remarks at a joint emergency economic headquarters meeting, economic ministers' meeting and special cost-of-living task force meeting held at Government Complex Seoul in Jongno-gu, Seoul, on Friday. [Yonhap]

Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol said Friday that the government would monitor economic conditions more closely and respond in a timely manner, with the emergency economic headquarters meetings serving as the central coordination mechanism.

Koo made the remarks at a joint emergency economic headquarters meeting, economic ministers' meeting and special cost-of-living management TF meeting he chaired that morning at Government Complex Seoul. "Financial market volatility is rising amid the prolonged Middle East war, including the resumption of hostilities between the United States and Iran, and needs to be actively managed," he said.

He added that the government would also accelerate efforts on economic structural reform to achieve lasting stability in people's livelihoods and strengthen the competitiveness of the business ecosystem.

Koo also assessed that "the real economy is maintaining a solid trajectory," citing Ministry of Statistics data released Friday showing that the all-industry production index — seasonally adjusted, excluding agriculture, forestry and fisheries — rose 2.3 percent from the previous month in June, the largest increase in six years. He also noted the all-industry corporate sentiment index (CBSI) released by the Bank of Korea on Thursday, which showed an improvement.

The meeting covered responses to the Middle East war, measures to strengthen factory fire safety, a plan to advance the budget mobile carrier sector, and a proposal to introduce a Korean-style strategic sovereign wealth fund.


oskymoon@heraldcorp.com