Moon says now is ‘golden time’ for economic recovery, calls for stimulating consumption

SEOUL, President Moon Jae-in stressed the need Monday for pan-governmental efforts to reinvigorate South Korea’s coronavirus-stricken economy, especially to boost domestic consumption.
He cited the easing of social distancing measures, effective last week.
This is expected to serve as an “important chance for raising consumption and economic vigor,” Moon said during a weekly meeting with his senior Cheong Wa Dae aides.
South Korea will be able to ensure a full economic recovery in case of a rebound in domestic consumption amid recent positive signs in exports, he added.
“In that sense, now is the golden time for an economic recovery,” he said. “(We) should redouble pan-governmental efforts to enhance the vigor of the economy.”
He called for various measures, including the postponed distribution of state-issued discount coupons aimed to spur consumption, and a speedy push for private investment and regulatory reform.
He urged the government to pay “special attention” to policies to help promote the arts, culture and tourism sectors.
The president regretted that South Korea’s economic recovery drive had lost steam due to a resurgence of COVID-19 infections that began in August.
“However, it’s time to shake off the frustration,” he said. “The government knows that doing its best in the anti-coronavirus fight is a shortcut to save the economy.”

Source: Yonhap News Agency

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