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Finance chief says Korean economy showing signs of 'vitality'

Published: 20 Oct. 2025, 11:21 Updated: 20 Oct. 2025, 15:04

Finance Minister Koo Yun-cheol speaks during an economy-related ministers meeting at the government complex in Seoul on Oct. 20. [NEWS1]

Finance Minister Koo Yun-cheol said Monday that Korea's economy is gradually recovering from a prolonged slump and showing signs of "vitality," vowing efforts to sustain the momentum.

Speaking at a meeting of economy-related ministers in Seoul, Koo said consumer spending is rebounding, largely supported by policy measures such as cash handouts, called "consumption coupons," in recent months. He also noted that the number of people employed in September posted the largest increase in 19 months.

"Recently, our economy has been slowly regaining vitality after a long period of stagnation," Koo said. "The government will continue to spread and reinforce the hard-won momentum for recovery."

He also highlighted the local stock market's strong performance, saying the benchmark Kospi has reached record highs since the launch of the new administration.

To further stimulate consumer spending, Koo said the government will host a large-scale nationwide shopping festival later this month.

The minister also pledged the swift launching of 15 task forces comprising officials from both the public and private sectors. The groups are tasked with driving key projects designed to foster new growth engines.

The initiative, unveiled earlier this year, forms the centerpiece of the Lee Jae Myung administration's five-year economic development blueprint to create what it calls a "super-innovation economy." The government views the next five years as the last golden time to achieve significant breakthroughs to achieve sustainable growth and aims to produce tangible results by 2030.

Yonhap