South Korea Ministry of Economy and Finance sets recovery agenda with fuel tax relief startup expansion and preventive privacy oversight

At an emergency economy meeting, South Korea's Ministry of Economy and Finance set out a near-term policy agenda focused on maintaining crisis vigilance while pushing household relief and longer-term reform. It pointed to exports in the first 20 days of May rising 64.8% year on year and the consumer sentiment index rebounding to 106.1 after three months of declines, but said a prolonged Middle East war and continued financial market volatility keep uncertainty high. The government will continue measures to ease living-cost pressures, including extending the fuel tax cut, and accelerate structural reforms aimed at lifting potential growth and reducing inequality. The meeting also advanced three operating plans. The first round of the Startup for Everyone project drew 62,944 applicants, with 5,000 to be selected in June for close mentoring and KRW 2 million each in startup activity funds and AI solution support, and 1,100 of those later receiving commercialization funding and preferential guarantees. A second round covering 10,000 people will begin in July. On data governance, the government plans to move from ex post punishment to preventive personal information management by classifying sectors into high, medium and low risk, concentrating checks on high-risk areas and offering reduced penalties to companies that invest in data protection. It also plans to shorten the usual timetable for public incineration projects by up to three years and six months through streamlined procedures, parallel permitting and broader central funding, to support the 2030 ban on direct landfill of household waste.