Minister of Economy and Finance Choi Sang-mok and Bank of Korea Governor Rhee Chang-yong discussed structural reform measures to create a sustainable economy to counter issues such as weakening growth potential due to the falling birth rate and aging population, the nation's population concentration in the Seoul metropolitan area and low social mobility.“To solve the demographic crisis, our most urgent issue, 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's need 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 talent 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 to take new structural steps to cope with declining population growth.“We have reached the limit in leading the economy by repairing the old economic structure little by little,” Rhee said.
The story "Korea’s finance min, central bank chief to take on demographic crisis" has 699 words across 26 sentences, which will take approximately 3 - 6 minutes for the average person to read.
Which news outlet covered this story?
The story "Korea’s finance min, central bank chief to take on demographic crisis" was covered 3 days ago by Korea Economic Daily, a news publisher based in South Korea.
How trustworthy is 'Korea Economic Daily' news outlet?
Korea Economic Daily is a fully independent (privately-owned) news outlet established in 1964 that covers mostly economy news.
The outlet is headquartered in South Korea and publishes an average of 15 news stories per day.
It's most recent story was published ago.
What do people currently think of this news story?
The sentiment for this story is currently Negative, indicating that people regard this as "bad news".
How do I report this news for inaccuracy?
You can report an inaccurate news publication to us via our contact page. Please also include the news #ID number and the URL to this story.