South Korean President Moon Jae-in said that the economy had turned the corner and there were indications that it had begun growing again.
Specifically, Moon said, “In the new year, indications are being seen that our economy is getting better and bouncing back.”
Moon made the comments in his opening remarks at a weekly meet of senior Cheong Wa Dae leaders, which were covered by reporters and cameramen.
To buttress his claim, Moon pointed out that exports were growing, especially from the manufacturing sector. Also, exports of most sought after South Korean goods such as chips, automobiles, and ships had increased as per the latest economic data.
The South Korean economy is heavily dependent on exports and thus has been adversely impacted by the slowdown in the global economy.
Moon further said that corporate and consumer sentiments were also showing signs of positivity.
Moon said that his government would work to sustain this momentum by its innovative deregulation approach. It would encourage new startups as well as industries based on the latest technologies, which will ensure that South Korea does not fall behind in the digital age.
Moon also indicated that his government would expand welfare and social security services; thus, lending a helping hand to those most vulnerable to economic headwinds.
Moon called on government officials to make fool-proof arrangements for transport and disaster-response operations ahead of the Lunar New Year holiday season, which starts on Friday.