President Park Geun-hye has urged the labor and management circles to reach a compromise to revive the national economy.

While setting the economic policy direction for the second half of the year in a meeting with economy-related ministers on Tuesday, the president addressed the government's campaign to overhaul the labor market. 

The president said her structural reform campaign in the nation's labor, education, public and financial sectors cannot be delayed despite worsened economic conditions. She added that substantial progress must be made for the policy drive within the second half.
 
On current corporate restructuring efforts, the president said the endeavors must fundamentally boost industries’ competitiveness.
 
She emphasized that companies that undergo restructuring and creditor banks must carry out self-rescue efforts that are acceptable by tax payers.