New government puts top priority on curbing inflation
Published date | 11 May 2022 |
Publication title | The Korea Times |
Finance ministry to launch emergency economic task force br br By Yi Whan-wooCurbing inflation was the top priority at the first meeting of President Yoon Suk-yeol with his top secretaries, Wednesday, where he stressed that soaring prices are the most daunting challenge faced by the country's economy. Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho also promised to prioritize the stabilization of consumer prices in managing macroeconomic risks.
"Our economy faces an extremely challenging situation, with rising prices being the top challenge," Yoon said at the meeting held at the new presidential office in Yongsan District in central Seoul. He added that a spike in energy prices and other signs of stagflation a toxic mixture of stagnant growth and rising inflation are "a red light for the competence of businesses" which he seeks to harness to achieve his market-driven economic vision.
"Such an economic situation will not take pause at a time when there is a change of government. We must think over and over and analyze the cause of the rise in prices using all possible indicators and come up with measures to curb inflation," the president added.
The concerns expressed by the president came as inflation is feared to have gotten out of control in recent months, making it tough for the nascent Yoon administration to jump-start the pandemic-stricken economy.Inflation has outpaced the central bank's projection for months and hit a 13-year high of 4.
8 percent in April. Speaking before the ministry's officials during his inauguration ceremony at the government complex in Sejong, Wednesday, Choo said inflation is making it harder for people to make a living, compounded by risks from abroad and within Korea, such as the Ukraine crisis, hawkish monetary policies of the major economies, deepening income polarization and snowballing household debt.
"I am afraid the economic policy team of the new government has no time to spare to brace for the challenges and we must...
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