Deputy Prime Minister and Minister of Finance and Economy Koo Yun Cheol on Sept. 10 speaks at a joint meeting of ministers related to the economy and structural innovation at Government Complex-Seoul in the capital's Jongno-gu District. (Ministry of Finance and Economy)

By Hong Angie

Recent signs of clear economic recovery have fueled projections that per capita gross national income (GNI) this year will reach USD 40,000.

At a meeting of ministers related to the economy and structural innovation on Sept. 10 at Government Complex-Seoul, Deputy Prime Minister and Minister of Finance and Economy Koo Yun Cheol said gross domestic product (GDP) in the second quarter grew 26.4% year on year, the highest growth in 47 years.

The number of employed people in August rose by 184,000 year on year, marking a return to growth in the upper 100,000s since the outbreak of the Middle Eastern conflict, he added. A survey on household income and spending in the second quarter also found that such incomes improved across all brackets, with notable gains among the most vulnerable groups.

Minister Koo noted Moody's and Fitch's positive evaluations of the government's 2027 budget proposal, which eyes higher fiscal soundness and investment in future development, based on Korea's robust economic growth.

"The improvement of employment and income indicators across the board this way has greatly raised the prospects of per capita GNI reaching USD 40,000," he added. "We'll do our best to enhance economic fundamentals and secure future growth engines so that these results translate into growth felt by the public."

The officials at the meeting agreed to pursue upgrades to key industries such as steel through the adoption of artificial intelligence-based manufacturing processes and hydrogen-based steelmaking to accelerate growth, as well as implementation of field-specific stimulation such as the conversion of vacant spaces in knowledge industrial centers downtown into public rental housing.

Accordingly, up to a million young people from home and abroad are expected to attend next summer World Youth Day in Seoul, and authorities pledged thorough preparations to properly manage immigration, transportation and safety.

The plan is to induce major benefits in production and employment while also linking the event with diverse cultural programs to promote Korean culture and raise the country's brand value.

shong9412@korea.kr