Deputy Prime Minister and Finance Minister Yoo Il-ho has forecast that this year's second quarter will see a stronger economic recovery than the first quarter.
 
Yoo issued the projection during a meeting of economy-related ministers on Thursday as he cited that the nation’s economy is continuously seeing steady improvement since coming out of a slump early this year.
 
The minister said that though revitalization in the private sector is not yet sufficient, the first quarter posted growth of half-a-percent after economic conditions improved more than expected. He said in the second quarter, the effects from front-loading fiscal spending, temporary holidays and cuts in the individual consumption tax will emerge.
 
Yoo stressed that the government will steadfastly pursue restructuring and industrial reforms based on the perception that the two steps are the most fundamental way for the economy to take another leap forward.
 
On adjusting the standard for designating big business groups from groups that have five trillion won in assets to ten trillion won, Yoo said the move was to avoid fast-growing companies fall behind global competition due to regulations imposed on large companies.