Koo Yoon-chul: Possibility of Reaching $40,000 GNI Per Capita Grows Stronger

Economic Ministers' Meeting:
Discussions on Steel Industry Restructuring and Addressing Vacancies in Knowledge Industry Centers

Koo Yoonchul, Deputy Prime Minister and Minister of Economy and Finance, is speaking at the Ministerial Meeting on Economic Affairs and the Ministerial Meeting on Structural Innovation held at the Government Complex Seoul in Jongno-gu, Seoul on September 10, 2026. Photo by Jo Yongjun

Deputy Prime Minister and Minister of Economy and Finance Koo Yoon-chul stated on the 10th, "In the second quarter of this year, the real growth rate recorded the highest increase in 47 years, expanding the possibility that the nation's gross national income (GNI) per capita could surpass $40,000."

During the Economic Ministers' Meeting and Structural Innovation Ministers' Meeting held at the Government Seoul Office on the same day, Deputy Prime Minister Koo said, "The recovery of our economy is becoming even more pronounced."

He highlighted the results of the Household Trend Survey for the second quarter, which showed income increases especially among vulnerable groups, as well as the positive evaluation of the Korean economy by international credit rating agencies Moody's and Fitch. Based on these, he emphasized, "Despite challenging circumstances, our economy is now stronger and moving more clearly toward recovery and growth than ever before."

He further pledged, "The government will not be complacent about these strong economic indicators; instead, we will carefully design our policies to accelerate growth in a way that citizens can tangibly feel. We will also strengthen efforts to solidify the foundation for growth by improving the structure of our economy through structural innovation."

Deputy Prime Minister Koo, together with ministers and vice ministers from the Ministry of Science and ICT, Ministry of Culture, Sports and Tourism, Ministry of Trade, Industry and Energy, Ministry of Land, Infrastructure and Transport, Ministry of Planning and Budget, Korea Fair Trade Commission, Financial Services Commission, Korea Customs Service, and Public Procurement Service, discussed "policy tasks for structural innovation in the steel industry."

Koo announced, "We plan to prepare and release measures for advancing the steel industry in the fourth quarter, focusing on manufacturing process innovation based on artificial intelligence (AI), the development of high value-added special steel, and a low-carbon transition centered on hydrogen-reduced steelmaking."

He added, "In addition to steel, we will sequentially discuss and prepare advancement plans for other key industries such as petrochemicals."

Regarding "measures to address vacancies in knowledge industry centers and institutional improvements," he stated, "We will actively create demand through public projects, such as converting vacant and unsold knowledge industry centers into public rental housing for young people and newlyweds."

On the agenda of "countermeasures against financial and fiscal crimes related to trade," he said, "We will intensively check export performance manipulation aimed at new stock listings or policy finance support and government subsidy fraud, as well as practices such as disguising low-cost imports as domestic products and irregularities in public procurement supply."

Referring to the "2027 World Youth Festival" to be held in Seoul next summer, he noted, "As this large-scale international event is expected to draw about 1 million young participants from Korea and abroad, it will not only generate significant economic impact such as production and employment but also boost the national image by promoting Korean culture to youth worldwide."

He continued, "The government will do its best to ensure the safety and smooth immigration and transportation for participants, and will actively support the event's success by operating cultural events and experiential programs to help spread K-culture."

This content was produced with the assistance of AI translation services.