S. Korea showing clearer signs of economic recovery: finance minister

By Kang Yoon-seung

SEOUL, Sept. 10 (Yonhap) -- South Korea is showing clearer signs of economic recovery, with its gross national income (GNI) per capita on course to exceed US$40,000 this year, the finance minister said Thursday.

Finance Minister Koo Yun-cheol made the remarks during a meeting of economy-related ministers, noting nominal gross domestic product (GDP) in Asia's No. 4 economy grew at its fastest pace in 47 years in the second quarter.

GDP measures production within a country, while GNI refers to the total income earned by its residents at home and abroad.

"The South Korean economy's recovery is becoming increasingly evident," Koo said in his opening remarks. "Amid challenging circumstances, our economy is heading more clearly than ever toward recovery and growth."

During the meeting, participants also discussed ways to revamp the country's steel industry, including incorporating artificial intelligence (AI) technology into production processes and pursuing a green transition.

Koo said detailed measures will be announced in the fourth quarter.

Other agenda items included converting vacant space at knowledge industry centers, business complexes designed to support small businesses, into public housing for young people and newlyweds.

The government additionally plans to allow a wider range of businesses to move into the centers by replacing a list of permitted industries with one specifying only prohibited industries, Koo added.

Participants also discussed ways to combat trade-related financial crimes, such as falsifying export records to fraudulently obtain government subsidies and disguising low-priced imports as domestically produced goods, the finance ministry added.

colin@yna.co.kr
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