Why does Korea’s finance minister say the economy is recovering now?

Koo Yun-cheol said the recovery is becoming increasingly evident, citing the second quarter’s nominal GDP growth, which he described as the fastest in 47 years. He also said GNI per capita is on track to exceed $40,000 this year.

What did Korea’s government discuss about the steel industry?

Economy-related ministers discussed revamping steel production by adding artificial intelligence technology to production processes and pushing a green transition. Koo said more detailed measures will be announced in the fourth quarter.

Korea showing clearer signs of economic recovery: finance minister

Q: What trade-related financial crimes did the finance ministry say were discussed?

The ministry said officials discussed falsifying export records to fraudulently obtain government subsidies and disguising low-priced imports as domestically produced goods. Those cases were raised as part of broader efforts to combat trade-related financial crimes.

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Summary

Finance Minister Koo Yun-cheol said Thursday that Korea is showing clearer signs of economic recovery and that GNI per capita is on course to exceed $40,000 this year. He said nominal GDP grew at its fastest pace in 47 years in the second quarter. Economy-related ministers also discussed steel industry revamping, vacant space in knowledge industry centers for public housing, and trade-related financial crimes.

Key Facts

Koo said nominal gross domestic product grew at its fastest pace in 47 years in the second quarter.
GDP measures production within a country, while GNI refers to the total income earned by residents at home and abroad.
The government plans to announce detailed steel industry measures in the fourth quarter.
Officials discussed converting vacant space at knowledge industry centers into public housing for young people and newlyweds.
The finance ministry said participants also discussed fraud cases involving falsified export records and disguised low-priced imports.

By Yonhap

Published Sep 10, 2026 9:08 am KST

Finance Minister Koo Yun-cheol speaks during a meeting with economy-related ministers, Thursday. Yonhap

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.

GDP measures production within a country, while GNI refers to the total income earned by its residents at home and abroad.

"The South Korean economy's recovery is becoming increasingly evident," Koo said in his opening remarks. "Amid challenging circumstances, our economy is heading more clearly than ever toward recovery and growth."

During the meeting, participants also discussed ways to revamp the country's steel industry, including incorporating artificial intelligence (AI) technology into production processes and pursuing a green transition.

Koo said detailed measures will be announced in the fourth quarter.

Other agenda items included converting vacant space at knowledge industry centers, business complexes designed to support small businesses, into public housing for young people and newlyweds.

The government additionally plans to allow a wider range of businesses to move into the centers by replacing a list of permitted industries with one specifying only prohibited industries, Koo added.

Participants also discussed ways to combat trade-related financial crimes, such as falsifying export records to fraudulently obtain government subsidies and disguising low-priced imports as domestically produced goods, the finance ministry added.

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