44th Council of State
– 2022. 10. 5. (Wed) 08:30, Sejong Government Complex –
The consumer price index for September released today was 5.6% from the same month a year ago, showing a slowing trend for the second straight month. Our forecast for economic growth this year is expected to be around 2.7%. In the next year, it is expected to record around 2.1%, which reflects the slowdown in growth due to the recent upward trend in interest rates. Compared to the current inflation in the United States in August, which is 8.3% compared to the same month of the previous year, and the OECD average of 10.3%, I can say that Korea’s inflation is doing a little better in its own way. As mentioned several times, our foreign exchange reserves are about 436.4 billion dollars, which is currently the ninth largest in the world. In addition, as our direction for strengthening our fiscal soundness clearly takes the direction we will take our fiscal soundness in the medium to long term, the external evaluation of our fiscal soundness has also received favorable evaluations . tell you that. Overall, on September 27, FITCH, an evaluator that evaluates the national creditworthiness of each country, rated Korea AA- and evaluated it as stable. There are two main reasons for this: one is Korea’s fiscal soundness and the other is Korea’s external soundness. In other words, we evaluate the sound financial operations and soundness of our foreign exchange. However, the difficulties we face internally and externally are very serious. Exchange rate volatility is increasing, and there are concerns about a global economic slowdown and economic slowdown due to the higher strength of the US dollar and high interest rates. With the attitude that our government reacts strictly 24 hours a day, we need to overcome this internal and external environment well and continue to achieve the growth and development of our economy. At this stage, our short-term response is also very important, but in the medium to long-term, reforms based on our national tasks to make our country as developed in the world, financial soundness, and maintain a highly productive national . economic system, etc. I believe that we should continue to pay special attention to this issue, continuously develop the direction and content of our policy, and make such efforts to increase people’s understanding by announcing it to the public.
Today, October 5th is World Korea Day. There are 7.3 million Koreans worldwide who share the identity of the Korean people. Over the years, my compatriots have been a bridge with the host country and have actively sent a helping hand whenever the Republic of Korea has difficulties. I would like to express my gratitude to my countrymen who have contributed to the development of Korea. The international community is at the crossroads of revolution. I ask for your active role and support once again so that the Republic of Korea can fulfill its role as a global pivot through solidarity with the international community. The government will do its best to ensure that all Koreans enjoy the right to live in the country and live safely.
And although these current prices have stabilized somewhat, there are such serious situations. Rice prices are rather low, and our farmers are having a hard time. Accordingly, the government has drawn up measures to isolate 450,000 tonnes of rice from the market earlier than usual, the largest ever during the harvest season. The Ministry of Agriculture, Food and Rural Affairs hopes that the quarantine procedure will be carried out as soon as possible to ease the difficulties of farmers. In addition, I request you to make efforts to improve the more basic system that can keep rice prices stable by increasing production and consumption at an appropriate level.
The first examination of Yun Seok-yeol’s government began yesterday. It is a place where people evaluate the government. I ask the members of the Council of State to participate in the examination of the state government with a humble and serious attitude. The government audit is also an opportunity for the government and the people to communicate. Explain fully the essence of government policies, and accept and reflect constructive criticism in your policies.
