By Yoon Ja-young
Staff Reporter
Strategy and Finance Minister Kang Man-soo said the economy is expected to improve in the latter half of next year.
The minister also said the September crisis scenario proved to be groundless rumor.
``The September crisis scenario ended as a scenario,'' Kang said at the crisis management meeting held at Gwacheon Government Complex near Seoul, Friday. The meeting has been held weekly to cope with the global oil price hike, with ministers and vice ministers attending.
Kang gave optimistic messages ahead of the Chuseok holidays, or the Korean version of Thanksgiving, which falls this Sunday. ``Dubai crude prices fell to below $100 per barrel, and consumer prices for Chuseok also stabilized,'' Kang said, attributing it to efforts by the Ministry for Food, Agriculture, Forestry and Fisheries.
He said that experts are estimating the economy will improve from the second half of next year, reflecting a positive outlook.
The minister added that next year's budget, to be announced in two weeks, will be very different from those of former administrations. ``It will focus on creating jobs and securing growth engines,'' Kang said.
He said it is important to deregulate the service industry and thus improve other industries related to service, to create decent jobs ― especially for young people. ``We will bolster support for small and venture businesses and continue deregulation and getting rid of hurdles in corporate investment as a measure to form a good corporate environment suited to the global standard,'' Kang said.
Regarding the health of North Korean leader Kim Jong-il, Kang said it could have a considerable effect on international and domestic politics. He said the ministry would make thorough preparation for financial market and industry eventualities related to North Korea, in case of an emergency.