▲ This file image shows presidential chief of staff for policy Kim Yong-beom. (Yonhap)

presidential office-economy

Presidential office says gravely aware of economic conditions weighing on people's livelihoods

SEOUL, May 26 (Yonhap) -- The presidential office is gravely aware that current economic conditions could weigh on smaller businesses and people's livelihoods, the office said Tuesday.

The office disclosed the stance amid criticism from the opposition bloc over presidential chief of staff for policy Kim Yong-beom's description of high interest rates, U.S. dollar-won exchange rates and inflation as "the costs of success."

In a Facebook post the previous day, Kim said the three elements were unavoidable costs incurred as South Korea's economy advances to a new level.

The main opposition People Power Party immediately criticized the remarks as "playing with words" intended to cover up the government's incompetence.

"The government is gravely aware that current conditions could weigh on small and medium-sized companies and people's livelihoods," the presidential office said.

The office is currently working to expand financial assistance for economically vulnerable people, while monitoring the supply of essential goods and living costs, and seeking to stably manage the real estate and foreign exchange markets, it added.

The office also said it plans to take necessary measures to preemptively manage anticipated economic risks in its growth policy for the second half of this year and next year.

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