Economic Affairs

[Anchor Lead]

President Moon Jae-in says that the nation's economy is not doing well, and for the first time since taking office, the president will personally preside over an extended meeting with government officials in charge of economic affairs.

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Upon receiving the first report from the newly appointed Minister of Economy and Finance Hong Nam-ki, President Moon Jae-in accepted his request to submit reports to him on a bi-weekly basis. Moon also instructed his administration to hold meetings attended by senior Cheong Wa Dae officials and economy-related officials in a transparent way and hold vigorous discussions.

[Soundbite] Kim Eui-gyeom(Cheong Wa Dae spokesperson) : "After receiving the report, President Moon said that the economy affairs team must be operated as one team centered on the minister of finance and economy given the seriousness of the economic affairs in the nation."

President Moon also said he would personally preside over an extended meeting on economic affairs on December 17. The extended meeting will be attended by the deputy prime ministers for economy and social affairs, 14 ministers, the chiefs of the Fair Trade Commission and the Financial Supervisory Service as well as Cheong Wa Dae officials. It's the first such meeting since Moon took office. Analysts say it indicates how serious the economic situation is in the nation. Topping the agenda of the meeting are economic policies such as income-led growth, and the adjustment of the minimum wage increase. The meeting is expected to produce some concrete results, as the president has personally instructed his administration to yield tangible results on boosting the economy.