Choi Sang-mok Economic Team Discusses Financial and Industrial Emergency Response

[Anchor]
The passing of President Yoon's impeachment motion has roughly resulted in a political schedule, but uncertainties remain inside and outside the economic sector.

Deputy Prime Minister for Economic Affairs Choi Sang-mok will hold a series of ministerial meetings and financial leaders' meetings on economy and industry to discuss ways to stabilize the market and respond to trade. Reporter Lee Seung Eun!

Yesterday, Acting President Han Deok-soo ordered an economic emergency response system if the downside risk of the economy is high. A series of ministerial meetings are being held?

[Reporter]
That's right.

Deputy Prime Minister for Economy Choi Sang-mok will hold an emergency meeting of economy-related ministers at the Seoul Government Complex at 3 p.m. today.

He will then preside over a meeting of foreign ministers.

It is a conference body that deals with economic, trade, and foreign affairs, including the Ministry of Foreign Affairs, ahead of the launch of the Trump administration.

Then, we plan to hold a meeting on macroeconomic and financial issues with Bank of Korea Governor Lee Chang-yong, the Financial Services Commission, and the Financial Supervisory Service head, and the so-called F4.

The acting president is expected to discuss emergency response priorities and strategies in the financial and industrial sectors.

It is also expected to convey its commitment to the normal operation of the Korean economic system at home and abroad.

[Anchor]
Eight years ago, on December 9th, the impeachment motion of President Park Geun Hye was passed, and 91 days later, it was cited by the Constitutional Court on March 10th of the following year, right? It's an economic environment that's similar to that time but has a lot of differences, right?

[Reporter]
That's right.

On November 8, 2016, a month before the impeachment of the Park Geun Hye, President Trump was elected, and the exchange rate rose as a result.

But the game situation is different now.

It was a time when the economy was bottoming out and rising on the semiconductor cycle.

Compared to the previous quarter, growth was limited to 0.8% in the fourth quarter and 1.1% in the first quarter of the following year, compared with 0.4% in the third quarter of 2016.

But now export growth is slowing, especially the domestic economy.

The retail sales index has declined for 10 quarters, the longest decline ever.

In addition, currency instability is further threatening domestic demand.

Immediately after the declaration of the emergency martial law, the won-dollar exchange rate, which once breached the 1,440 won level, is rising up and down the 1,430 won level.

As of the 13th, it has risen by nearly 70 won from this year's annual average exchange rate.

Moreover, the uncertainty of foreign trade is very high due to the intensifying protectionism of the United States, which is different from eight years ago.

Amid the internal and external ups and downs, the business community is urging the ruling and opposition parties to pass the issue as soon as possible.

The Special Act on Semiconductors, the Basic Act on Artificial Intelligence, and the Special Act on the Expansion of the National Key Power Network, which will support the demand for electricity in high-tech industries, have not been discussed by both the ruling and opposition parties.

I'm YTN's Lee Seung Eun.