Back on the local front.
The government will share tangible measures this week to better contain the cost of living ahead of Chuseok which falls in early September this year.
Our Finance Ministry Correspondent Eum Ji-young explains.
South Korea's consumer prices this year are likely to hover around 5 percent, with the average rate of inflation from January to July hitting 4.9 percent.
Given this backdrop, Finance Minister Choo Kyung-ho said at an emergency economic meeting on Monday, that the government will announce measures this week to stabilize people's livelihoods ahead of the Chuseok holiday.
This will be on top of the measures announced earlier, including giving subsidies to farmers and providing tariff exemptions on some imported food products.
Choo also said, he will seek for ways to resolve the difficulties that firms are experiencing.
"To revitalize the private sector, the government will quickly resolve any difficulties that companies are facing including in terms of regulations, finding funding as well as labor shortages."
He added that there have been labor shortages in key industries including ship building and the services and agricultural sectors because of a rise in demand for labor in the service industry following the lifting of social distancing measures and a delay in allowing foreign laborers into the country due to the COVID-19 pandemic.
The government will increase the quota for foreign employees and issue E-9 visas more quickly for non-Korean laborers in August.
The government will swiftly let 42-thousand foreign laborers come to South Korea who couldn't enter the country from 2020 to first half of this year. Also, steps will be taken to let an additional 21-thousand foreign employees enter the country quickly in the second half of this year."
Also, the government will sell public assets that are not being used effectively in order to further boost the economy.
Eum Ji-young, Arirang News.