President Moon on July 27 chairs a meeting of his senior secretaries at Cheong Wa Dae. (Yonhap News)

By Lee Hana and Lee Jihae

President Moon Jae-in on July 27 said, "If the government and private sector's efforts are combined, we expect that the economy will rebound beginning in the third quarter."

In a meeting he chaired of his senior secretaries at Cheong Wa Dae, he said, "Domestic demand already started picking up in the second quarter, so we expect it to improve further in the third."

"Thanks to the emergency relief payments and the Republic of Korea All-together Sale campaign, sales have been rising not only for contact-free trade but also in all other areas."

"Domestic tourism has also slowly begun to regain vitality. Returning to normal routines will also occur more vigorously; fan attendance at professional sports games is already being phased in," he added.

"The decline in exports, which account for the largest part of our economy, is the biggest constraint on economic recovery. However, it is fortunate that the decline grew smaller in July."

Turning to outbound shipments, the president said, "Exports of items in which we have a competitive edge – system semiconductors, OLEDs and mobile phone components – have shifted to upswings, and it is also a favorable trend that exports of eco-friendly future cars have increased significantly compared to last year."

"The government will strengthen support across the board to facilitate the recovery of exports while striving to address the hardships facing exporters."

On his Korean New Deal, he said, "We will make sure that the Korean New Deal serves as a pillar to support our economy’s rebound. Along with the efforts to push the great transition to a pace-setting economy, low-carbon economy and inclusive nation, the government will aggressively create jobs and expand investment to help surmount the crisis and restore economic growth."

hlee10@korea.kr