Acting President Hwang Kyo-ahn has called for active efforts to revive the economy using all possible financial resources.
 
Hwang delivered the call at an economic meeting at the Seoul Government Complex on Thursday, stressing that active assistance from the government is needed from the very start of the new year to reverse the current downturn.
 
He warned that the South Korean economy is standing at a critical juncture as its growth rate has been slowing due to multiple downside risks, such as North Korea’s fifth nuclear test and political instability.
 
Hwang said that in order to spur economic development, it is necessary to modify conditions so that households and corporation can drop their pessimistic sentiments. 

He urged the government to strengthen its efforts to find a new growth engine abroad by focusing on boosting exports and supporting corporations to win more orders overseas
 
To encourage domestic consumption, the acting president ordered the government to immediately cut individual consumption tax for those who want to scrap their old diesel cars. He also called for the quick creation of measures to support industries hit hard by the antigraft Kim Young-ran Act.