S. Korea must 'improve economic vitality and fundamentals': Finance minister
- 5 years ago
홍남기 "민간 경제 활력 제고, 기업 고용창출력 확충 절실"
South Korea's new Minister of Economy and Finance, Hong Nam-ki, has laid out his economic policies for the country on Wednesday in two ministerial-level meetings.
Our Kim Hyesung reports.
The key is to raise economic vitality and economic fundamentals.
At the first economy-related minister's meeting since he took office, the new finance minister Hong Nam-ki said he will continue carrying out President Moon Jae-in's three key policies of income-led growth, innovative growth and building a fair economy.
But he added that given the current economic difficulties, like sluggish job growth and a widening wealth gap, his team will focus on raising economic vitality and fundamentals through structural reform and cooperation with the private sector.
"The government will play a supporting role for the private sector. We will improve policies that have somewhat differed from the market's expectations. For instance, the minimum wage hike and the 52-hour work week. We have included complementary measures to adjust the pace of change."
Minister Hong also said the government will front-load next year's 416 billion U.S. dollar budget so that planned investments can be carried out quickly and help boost the economy.
He also vowed to strengthen inclusive growth to support young people and the self-employed, and to address challenges like the low fertility rate and aging society.
On the same day, Minister Hong also presided over another ministerial-level meeting, joined by the ministers of foreign affairs and trade... in which he layed out policies to navigate the country through external economic challenges.
He pointed to rising interest rates in the U.S. and the U.S.-China trade dispute as some of those challenges and said his economic team will run contingency plans to address volatility in the financial markets.
On the trade front, Minister Hong vowed to diversify Korea's trading partners and work to get exemptions from the U.S. on auto tariffs.
Kim Hyesung, Arirang News.
South Korea's new Minister of Economy and Finance, Hong Nam-ki, has laid out his economic policies for the country on Wednesday in two ministerial-level meetings.
Our Kim Hyesung reports.
The key is to raise economic vitality and economic fundamentals.
At the first economy-related minister's meeting since he took office, the new finance minister Hong Nam-ki said he will continue carrying out President Moon Jae-in's three key policies of income-led growth, innovative growth and building a fair economy.
But he added that given the current economic difficulties, like sluggish job growth and a widening wealth gap, his team will focus on raising economic vitality and fundamentals through structural reform and cooperation with the private sector.
"The government will play a supporting role for the private sector. We will improve policies that have somewhat differed from the market's expectations. For instance, the minimum wage hike and the 52-hour work week. We have included complementary measures to adjust the pace of change."
Minister Hong also said the government will front-load next year's 416 billion U.S. dollar budget so that planned investments can be carried out quickly and help boost the economy.
He also vowed to strengthen inclusive growth to support young people and the self-employed, and to address challenges like the low fertility rate and aging society.
On the same day, Minister Hong also presided over another ministerial-level meeting, joined by the ministers of foreign affairs and trade... in which he layed out policies to navigate the country through external economic challenges.
He pointed to rising interest rates in the U.S. and the U.S.-China trade dispute as some of those challenges and said his economic team will run contingency plans to address volatility in the financial markets.
On the trade front, Minister Hong vowed to diversify Korea's trading partners and work to get exemptions from the U.S. on auto tariffs.
Kim Hyesung, Arirang News.