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Senior Secretary for Economic Affairs Yoon Jong-won talks live about the meaning of ‘inclusive growth’ and the current state of the Korean economy on the show ’11:50 a.m. at Cheong Wa Dae,’ aired on social media on July 27. (Cheong Wa Dae)

By Kim Eun-young and Kim Young Shin 

Cheong Wa Dae Senior Secretary for Economic Affairs Yoon Jong-won explained the meaning of “inclusive growth” on air, saying that it means “to share the fair benefits earned through fair competition,” on the show “11:50 a.m. at Cheong Wa Dae,” broadcast on Cheong Wa Dae’s various social media sites on July 25.

The term “inclusive growth” was mentioned by President Moon Jae-in during the weekly senior secretariat meeting on July 23, too.

“It means that all members of the economic units, with no exception, should share the benefits earned through fair competition,” Yoon said.

“The existing forms of neo-liberalism have, up to now, primarily benefited a small portion of society, leaving out the majority,” he said. “Inclusive growth has long been discussed at the OECD and President Moon has continuously mentioned it since 2012.”

“Inclusive growth is a grander concept,” Yoon said. “The government emphasizes income-led growth, innovative growth and a fair economy as the methods to realize this ideal.”

Regarding the current status of the Korean economy, Yoon said that it’s not a matter of huge concern from a macroeconomic perspective. “We still have a potential growth rate of greater than 2 percent,” he said.

“The current economic policies do not come into effect immediately, but only after two to three quarters,” he said. “To generate a positive outcome, we must invigorate investment and boost economic dynamics.”

Please visit the link below to see the full July 25 episode of “11:50 a.m. at Cheong Wa Dae,” only in Korean.
https://www.youtube.com/watch?v=rQttp7le3-4 

eykim86@korea.kr