Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol announced plans to sequentially introduce job measures targeting youth and vulnerable sectors such as manufacturing and construction in response to recent employment slowdowns.
During an emergency economic meeting at the Government Complex in Seoul on June 19, Koo stated, "As the effects of the Middle East conflict continue, including employment slowdowns, rising prices, and fluctuations in exchange rates and interest rates, the government will do its utmost to alleviate the burden on the public."
He explained, "Based on a thorough analysis of struggling sectors like manufacturing, construction, and agriculture, as well as vulnerable groups such as youth, we will prepare and announce sector-specific response measures, including a 'Youth Job Recovery Plan.'"
Koo added that the government would swiftly implement the tasks outlined in the previously announced Youth New Deal initiatives and expand projects that show high demand and performance. He emphasized the need to actively identify and resolve challenges faced in the job market and promote job-seeking capabilities through advanced training in fields like Agentic AI.
While noting that international oil prices have decreased following the signing of a ceasefire memorandum of understanding (MOU) in the Middle East, Koo stressed the importance of remaining vigilant. He stated, "The government will closely monitor the situation in the Middle East and support our vessels in safely navigating through the Strait of Hormuz. Given that the repercussions of the Middle East conflict are still ongoing, we will ensure thorough responses to stabilize the livelihoods of our citizens."
Additionally, Koo mentioned plans to continuously discover and nurture new service industries, such as improving community-based services and revitalizing the marina industry, while strengthening support for small and medium-sized enterprises and small business owners through a sustainable guarantee support system.
Koo concluded by expressing his commitment to accelerating economic competitiveness through super-innovation and structural reforms, aiming to clear the economic clouds that have loomed since the ceasefire. He referenced South Korea's recent rise to 21st place among 70 countries in the IMD World Competitiveness Ranking, a six-position improvement from the previous year.
* This article has been translated by AI.
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