Seoul: South Korea is exhibiting clearer signs of economic recovery, with its gross national income (GNI) per capita expected to surpass US$40,000 this year, according to Finance Minister Koo Yun-cheol. The finance minister highlighted these developments during a meeting of economy-related ministers, noting that the nominal gross domestic product (GDP) in Asia's fourth-largest economy grew at its fastest rate in 47 years during the second quarter.

According to Yonhap News Agency, GDP measures production within a country, while GNI refers to the total income earned by its residents both at home and abroad. Finance Minister Koo emphasized the evident recovery of South Korea's economy, stating, "Amid challenging circumstances, our economy is heading more clearly than ever toward recovery and growth."

The meeting also addressed strategies to revamp the nation's steel industry, such as integrating artificial intelligence (AI) technology into production processes and pursuing a green transition. Detailed measures regarding these initiatives are expected to be announced in the fourth quarter.

Other agenda items discussed included converting vacant spaces at knowledge industry centers, which are business complexes designed to support small businesses, into public housing for young people and newlyweds. The government also plans to broaden the categories of businesses allowed into these centers by replacing a list of permitted industries with one specifying only prohibited industries, Koo added.

Participants further explored methods to combat trade-related financial crimes, such as falsifying export records to fraudulently obtain government subsidies and disguising low-priced imports as domestically produced goods, as reported by the finance ministry.