Korea showing clearer signs of economic recovery: finance minister
Korea is showing clearer signs of economic recovery, with its gross national income (GNI) per capita on course to exceed $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.…
South Korea is demonstrating more evident signs of economic recovery, according to Finance Minister Koo Yun-cheol. Speaking at a meeting of relevant ministers on Thursday, Koo revealed that the country's gross national income (GNI) per capita is set to surpass $40,000 this year. During the second quarter, nominal gross domestic product (GDP) in South Korea, the world's fourth largest economy, surged at its fastest pace in 47 years.
While GDP measures production within a nation, GNI encompasses the total income earned by its residents both domestically and internationally. Koo emphasized during his opening remarks that despite tough conditions, the South Korean economy is progressing towards recovery and growth more clearly than ever before. He also addressed the possibility of incorporating artificial intelligence (AI) technology into the steel industry and pursuing a green transition during the meeting.
Detailed measures for these initiatives will be unveiled in the fourth quarter. Other topics discussed included the repurposing of vacant spaces at knowledge industry centers.
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