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S Korea tells businesses to improve productivity not raise prices

South Korea’s Deputy Prime Minister and Finance Minister Choo Kyung-ho has called on businesses to refrain from raising product prices and wages amid lingering fears of rising inflation. The call was made during Choo’s meeting with heads of the nation’s six business lobby groups in Seoul. Choo hopes businesses will rather focus on improving productivity as a solution in a bid to overcome the current economic slowdown and high inflation rates. The minister promised to support businesses with a variety of benefits, such as tax cuts and state-led fiscal funding, to ease their growing burden on production costs. Participants in the meeting include Chey Tae-won of the Korea Chamber of Commerce and Industry, Sohn Kyung-shik of the Korea Enterprises Federation, and Huh Chang-soo of the Federation of Korean Industries.

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