Seoul: Finance Minister Koo Yun-cheol announced that South Korea's economy is gradually recovering from a prolonged slump, with indications of "vitality." He committed to maintaining this momentum during a meeting with economy-related ministers in Seoul.

According to Yonhap News Agency, Koo emphasized that consumer spending is on the rise, bolstered by policy measures such as "consumption coupons" provided in recent months. This increase in spending is complemented by a significant rise in employment numbers in September, marking the highest increase in 19 months.

Koo stated, "Recently, our economy has been slowly regaining vitality after a long period of stagnation. The government will continue to spread and reinforce the hard-won momentum for recovery." He also pointed out the robust performance of the local stock market, with the Korea Composite Stock Price Index (KOSPI) achieving record highs since the new administration took office.

To further boost consumer spending, Koo revealed plans for a large-scale nationwide shopping festival later this month. Additionally, he announced the imminent launch of 15 task forces made up of public and private sector officials. These groups will focus on driving key projects to foster new growth engines.

This initiative is a central element of the Lee Jae Myung administration's five-year economic development plan, aimed at creating a "super-innovation economy." The government sees the next five years as a critical period for achieving sustainable growth and aims to deliver significant results by 2030.