Seoul: President Yoon Suk Yeol instructed his senior aides Monday to prepare proactive measures to stimulate domestic consumption to address economic challenges at home and abroad, his office said. Yoon emphasized the necessity of implementing strategies to enhance domestic demand and consumption, as conveyed by presidential spokesperson Jeong Hye-jeon in a written briefing.

According to Yonhap News Agency, the urgency of this directive is underscored by the recent adjustment in South Korea’s economic growth outlook. Last week, the Bank of Korea revised its forecast for the country’s economic growth next year to 1.9 percent. This revision reflects slower-than-expected export growth and increasing concerns about potential shifts in trade policies by the United States and other major economies.