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Govt. to launch task force for supporting people's livelihoods

By Yonhap

Published : May 1, 2024 - 10:55

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Finance Minister Choi Sang-mok speaks during an emergency economic ministers' meeting in Seoul on Wednesday. Finance Minister Choi Sang-mok speaks during an emergency economic ministers' meeting in Seoul on Wednesday.

Finance Minister Choi Sang-mok said Wednesday the government will set up a task force in charge of monitoring and resolving issues regarding economic livelihoods of the people.

Choi made the remarks during an emergency economic ministers' meeting in Seoul, stressing the government's priority of reviving the economy and boosting consumer sentiment amid weak domestic demand and high inflation.

"We will not just be satisfied with decent economic data and will put policy priority on how to revive the people's livelihoods. We will set up a pan-government team to be tasked with thoroughly monitoring difficulties of the people and seek swift resolutions," Choi said.

The government will make all-out efforts to further promote recovery and to secure longer-term growth momentum, he added.

South Korea's economic growth accelerated more than expected in the first quarter on the back of rising exports.

Gross domestic product advanced 1.3 percent on-quarter in the January-March period, the fastest growth in more than two years, according to data from the Bank of Korea.

Exports gained for the seventh consecutive month in April, buoyed by strong global demand for semiconductors.

But policymakers have said that the recovery remains unequal among sectors and domestic demand is weak amid still-high inflation, vowing various measures to stabilize prices and extend support for vulnerable groups. (Yonhap)