2020 OECD MINISTERIAL COUNCIL MEETING
DPM Hong Attends
OECD Meeting of the Council at Ministerial Level
Deputy Prime Minister Hong Nam-ki attended OECD Meeting of the Council at Ministerial Level held virtually on October 29th under the theme “The Path to Recovery: Strong, Resilient, Green and Inclusive” to discuss measures to strengthen international cooperation and recover from the COVID-19 crisis. The annual OECD Ministerial Meeting at Council Level discussed macroeconomic policies and recovery plans, employment and social protectionism, trade and investment, resilient global value chains and the actions needed for a green recovery.
At the Meeting, DPM Hong suggested 4 ‘path to recovery’ to overcome the economic crisis caused by COVID-19.
1. Powerful Stimulus Package: In order to overcome the crisis fast, powerful stimulus packages and more engagement with the public sector are very important. For its part, Korea has been providing comprehensive policy support worth 263 billion dollars (16.5% of GDP) including four supplementary budgets.
2. Assistance to the vulnerable: It’s necessary to provide assistance to the vulnerable people and low-income countries who has been hit hardest during COVID-19, by maintaining employment and strengthening social safety net.
3. Transformation of economic and social systems: Since COVID-19 caused a fundamental change to the economic and social structure, it’s important to identify new growth engines like development of ‘untact’ industries and digitalization. It’s also important to prepare for key global tasks such as climate change to achieve sustainable growth.
4. Harmony for synergy: A global crisis can only be overcome when every country is united as one. Multilateralism based on solidarity and cooperation will be a key foundation for international unity. Facilitating exchanges of trade and movement of people and repairing the weakened global value chains are also important challenges.
Please refer to the attached file for 2020 Ministerial Council Statement.
