Key facts
- South Korea's economy is showing clearer signs of recovery.
- Per capita gross national income (GNI) is expected to exceed $40,000 this year.
- Nominal gross domestic product (GDP) grew at its fastest pace in 47 years in the second quarter.
- The finance minister announced plans to revamp the steel industry with AI and green transition measures.
- Vacant business complex spaces will be converted into public housing for young people and newlyweds.
South Korea is showing clearer signs of economic recovery, with its gross national income (GNI) per capita on course to exceed US$40,000 this year, Finance Minister Koo Yun-cheol said Thursday. Koo made the remarks during a meeting of economy-related ministers, noting that nominal gross domestic product (GDP) in Asia's fourth-largest economy grew at its fastest pace in 47 years in the second quarter. GDP measures production within a country, while GNI refers to the total income earned by its residents at home and abroad. "The South Korean economy's recovery is becoming increasingly evident," Koo said. "Amid challenging circumstances, our economy is heading more clearly than ever toward recovery and growth." During the meeting, participants also discussed ways to revamp the country's steel industry, including incorporating artificial intelligence (AI) technology into production processes and pursuing a green transition. Koo stated that detailed measures will be announced in the fourth quarter. Other agenda items included converting vacant space at knowledge industry centers, business complexes designed to support small businesses, into public housing for young people and newlyweds. The government additionally plans to allow a wider range of businesses to move into the centers by replacing a list of permitted industries with one specifying only prohibited industries, Koo added. Participants also discussed ways to combat trade-related financial crimes, such as falsifying export records to fraudulently obtain government subsidies and disguising low-priced imports as domestically produced goods, the finance ministry added.
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