![Deputy Prime Minister and Minister of Finance and Economy Koo Yoon-cheol delivers opening remarks at a meeting of the emergency economic headquarters, the meeting of economic ministers and the National Entrepreneurship Era Strategy Meeting at the Government Complex Seoul in Jongno-gu, Seoul, on April 24. [Photo by Yonhap]](https://image.ajunews.com/content/image/2026/04/24/20260424102231492399.jpg)
Deputy Prime Minister and Minister of Finance and Economy Koo Yoon-cheol said April 24 the government will announce a plan next week to spur “eco-friendly green consumption and tourism,” aiming to respond preemptively to concerns about weakening consumer sentiment.
Speaking at the Government Complex Seoul during a meeting of the emergency economic headquarters and the National Entrepreneurship Era Strategy Meeting, Koo said the government would closely monitor the Middle East war and respond quickly.
Koo noted that South Korea’s first-quarter gross domestic product growth came in at 1.7%, “a strong gain,” but said spillover effects from the Middle East war persisted and pushed April’s consumer sentiment index below its long-term average. A day earlier, the Bank of Korea said the April consumer sentiment index fell 7.5 points from the previous month to 99.2.
A reading of 100 or higher indicates optimism, while below 100 signals pessimism. The index turned pessimistic for the first time since April last year, and the drop was the largest since the emergency martial law in December 2024.
Koo said the government would “prepare in advance for the dawn after the crisis,” stressing that it would use a “golden time” from a semiconductor boom, along with industrial innovation and measures discussed at the meeting on startups and venture support, to strengthen the foundation for the economy to rebound globally.
Agenda items included steps to build momentum for startups under the National Entrepreneurship Era strategy and a project plan to develop “startup cities.” Koo said the government will push a second project of “Startup for Everyone,” which is collecting ideas from the public through May 15, starting in June. He also said locations of science and technology institutes will be designated as four major startup cities, with six more to be selected next year to create key hubs for tech startups.
On a separate agenda item, Koo said the government will prepare a “youth New Deal” plan within the month to provide skills development and work experience, helping young people respond to new technological changes such as AI and strengthen their job capabilities.
On support for non-capital-region companies through public procurement, Koo said the ceiling for small, discretionary contracts in areas with declining populations will be raised to 50 million won from 20 million won. He also said the amount eligible for immediate purchase under multiple-award contracts will be doubled, adding that the government will continue bold and speedy institutional improvements so public procurement can drive balanced national development.
* This article has been translated by AI.
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