Koo made these remarks during a Cabinet meeting and an emergency economic headquarters meeting held at the Government Complex in Seoul. He emphasized that stabilizing prices will be the government's top priority, and he announced plans for fiscal and tax support measures.
Despite previous agreements between the United States and Iran, the South Korean economy is expected to continue feeling the effects in the near term. In response, Koo revealed plans to implement discount support and reduce delivery prices, as well as to introduce emergency tariff allocations in the second half of the year.
Furthermore, the impact of the ongoing conflict in the Middle East is also affecting the job market. The government is considering measures such as employment retention subsidies. Koo stated, "We will designate special employment support sectors in areas facing employment crises and promote key initiatives for job stability, including employment retention subsidies. We will also expedite the implementation of youth New Deal policies, such as the K-New Deal Academy."
He added that the effects of the transition to artificial intelligence (AI) and the green transition are also impacting employment, and he pledged to develop a basic plan for employment security in collaboration with relevant ministries.
Support measures for vulnerable groups were also discussed. Koo mentioned, "We will establish support measures for companies affected by high oil prices and work to alleviate the living cost burden on low-income households. We will do our utmost to manage prices through coordination among relevant ministries regarding factors contributing to price increases in processed foods."
Finally, he concluded, "We will thoroughly manage key indicators related to the public's livelihood, including prices, employment, exchange rates, and interest rates."
* This article has been translated by AI.
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