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President Moon to meet economic advisers amid looming slowdown

President Moon Jae-in was set to hold a meeting with his top economic advisers Wednesday as his government is apparently struggling to keep the local economy from slowing down.

The meeting will be held over lunch at the presidential office Cheong Wa Dae, attended by Moon's new special adviser for science and economy Lee Jeong-dong and the new vice chair of the National Economic Advisory Council, Lee Jay-min.


The luncheon comes one week after the president appointed the two, but it marks a very rare occasion for the president to hold a meeting with such a small group of people.

Wednesday's meeting may be part of Moon's latest drive to revamp the economy, a Cheong Wa Dae official noted.

All major meetings and events the president has held since the start of the new year have been aimed at promoting economic reforms and investment.

His latest endeavor took place Tuesday when he highlighted the importance of information-communication technology to ensure continued global competitiveness of the country's manufacturing industry in a special meeting with local business leaders, researchers and students.

Such efforts apparently follow gloomy outlooks that Asia's fourth-largest economy may grow at a slower pace this year than in 2018 when the local economy is estimated to have expanded 2.7 percent.

Last week, the Bank of Korea slashed its 2019 growth outlook for the country to 2.6 percent from a 2.7 percent forecast in October.

The government is apparently struggling to keep the growth rate from slipping.

Finance Minister Hong Nam-ki said the government must do its utmost to post a growth rate similar to that of last year while meeting with ruling party officials last week.

The president, however, is also calling for efforts to make sure the country's economic growth will benefit all, insisting that the people need to see such benefits for themselves to know the nation and the government are moving in the right direction. (Yonhap)