President Moon Jae-in says the South Korean economy is recovering at quicker-than-expected pace, citing an uptick in recent economic data.
In Tuesday's Cabinet meeting, he said that the achievements in anti-virus measures were filtering through to the economy and that the government's economic responses, such as its bold fiscal policies and Korean New Deal initiative, were bearing fruit.
"I ask all ministries for efforts to maintain the positive trend so that it leads to a clear economic rebound. If we are able to maintain this trend until the end of the year, we could expect to overcome the economic shock from COVID-19 and enter a normal growth trajectory."
Noting that the economy grew 2.1 percent in the third quarter from the previous three-month period, Moon said the recovery trend will continue, pointing to the improved economic sentiment and increased exports.
He also said that the pick-up in the local stock market reflects the trust in South Korea's economic recovery.
The president called for parliamentary cooperation to swiftly pass the 2021 budget bill and also stressed the need to consider new variables such as purchasing vaccines, financial support for virus-hit businesses and the need for preemptive investment to achieve carbon goals.