Minister of Economy and Finance Choi Sang-mok and Bank of Korea Governor Rhee Chang-yong discussed structural reform measures for the sustainable economy such as steps to counter weakening growth potential due to the falling birth rate and aging population, the concentration in the Seoul metropolitan area and low social mobility.“To solve the demographic crisis, the most urgent task, we will seek opinions from the Bank of Korea and find measures together,” Choi told reporters in the ministry.
BALANCED REGIONAL DEVELOPMENT, INFLUX OF FOREIGNERSRhee stressed the country needs to seek balanced regional development to solve the demographic crisis.“It is hard to achieve the intended target with dispersed investments in regions amid the falling population in terms of investment efficiency and sustainability,” he said.“It is necessary to shift the paradigm of balanced regional development to focus on non-Seoul metropolitan areas.”Choi, also the country’s deputy prime minister, emphasized the influx of foreigners.“We need to actively attract global talents to enhance the competitiveness of national industries and deal with the population issues by establishing an open talent ecosystem,” Choi said.
Rhee said the country needs new structural steps to cope with the declining population growth.“We have reached a limit in leading the economy by repairing the old economic structure little by little,” Rhee said.
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