The July economic indicators of the Republic of Korea are worse than expected; both investment and consumption have fallen simultaneously. The key figures—industrial production and consumer price index—both declined compared to the previous year, indicating that the overall economy is becoming more severe.
In this situation, the government must expand fiscal support to overcome the growth limitation centered on industry and promote recovery of domestic demand. In particular, it seems urgent to prepare tax incentives and financial assistance for small and medium enterprises and new manufacturing sectors.
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