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| Finance Minister Choo Kyung-ho delivers an opening speech at an international conference commemorating 60th anniversary of economic development held at Fairmont Hotel in Seoul, Thursday. Yonhap |
Choo reiterates need for deregulation and structural reforms
By Anna J. Park
Korea's per capita income has grown over 400 times during the past 60 years, since the Korean government first launched its ambitious five-year development plan in 1962, Finance Minister Choo Kyung-ho said in a conference held to commemorate the country's economic development achievements.
"During the past six decades, the per capita income of Korea has increased by about 400 times," Minister Choo said during his opening speech at the international conference held at Fairmont Hotel on Yeouido, Seoul, Thursday.
"Under the situation of abject poverty, the Korean government set a simple and clear goal for prosperity, drawing up a five-year plan, a blueprint for national development, which was implemented over seven times until 1996, aiming to secure global competitiveness in overseas markets," the minister said.
Choo went on to say that Korea posted an unprecedentedly fast level of economic development during the past few decades, achieving both industrialization and democratization.
Yet, he warned that past achievements do not guarantee the next 60 years, as the Korean economy is facing a number of obstacles, including geopolitical conflicts, global supply chain disruptions and climate change, sluggish exports, high inflation, soaring interest rates and so on. As the Korean economy's growth potential is rapidly deteriorating, he vows to take necessary measures to implement structural reforms.
"Domestic regulations lagging behind global standards, accumulated structural issues in labor, education and other social areas, as well as the world's lowest birthrate ascribe to a rapid deterioration of Korea's growth potential. Thus, the government is putting all its policy efforts into strengthening its structural system and raising economic productivity to establish the rule of law, increase flexibility in the labor market and education reform as well as pension reforms," the finance minister reiterated.
He also vowed to steadily and stably manage inflation through predictable and consistent policies, while bringing vitality back into the economy via stronger incentives for investors.
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| Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho, fourth from left, speaks with his predecessors at the international conference at Fairmont Hotel in Seoul, Thursday. From left, Park Jae-yoon, Lee Dong-ho, Jeon Yun-churl, Choo, Jin Nyum, Kang Kyung-shik and Chang Byeong-wan. Lee served as interior minister and vice finance minister. Yonhap |
Titled "Korean Economy's Today and Tomorrow," the event was attended by various former ministers of past administrations, as well as distinguished guests including Anna Bjerde, the World Bank's managing director, Ludger Schuknecht, vice president at Asia Infrastructure Investment Bank (AIIB), and Ken Oforo-Atta, Ghana's finance minister.
Discussions and presentations held at the conference are slated to be reflected in the Yoon administration's long-term future strategies, which are currently prepared by the Korea Development Institute (KDI).
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