Finance minister vows to boost economy through 'inclusive growth'
- 5 years ago
South Korea's new finance minister is projecting the country's economy to grow in 2019 at a rate similar to this year.... at two-point-six to two-point-seven percent.
He also stressed the importance of making growth inclusive, noting how the global economy is at a turning point as wealth polarization worsens.
Kim Ji-yeon reports.
In a briefing held on Monday concerning the government's economic plans for next year... the Minister of Economy and Finance, Hong Nam-ki, said the government's emphasis on inclusive growth is vital... as the local economy faces growing external risks including the trade protectionism... which are expected to further affect Korea's exports.
Even though household income and domestic consumption have risen... he said there's still work to be done when it comes to economic indicators in employment and income distribution... and he said the government's plans are focused on these issues.
"Venture capital investments reached a record-high of nearly 2-point-7-billion U.S. dollars this year... and new startups particularly among the youth are rising. However, investment from the private sector,... the main source of jobs,... is still sluggish."
While the government strengthens its drive to deregulate... it'll also come up with ways for both traditional and new, innovative industries to prosper together.
The Minister also said the government will come up with measures by the end of this year to spur innovation in the languid manufacturing sector... as well as measures to revitalize promising areas of the services sector and to help the self-employed.
Hong also vowed by February to reform the process that determines the country's minimum wage increases... in a way that'll improve its predictability and fairness so that all parties in the labor market can accommodate the changes... starting with the wage increases for 2020.
He pledged to work on expanding the flexible work system from the current three months,... also by February,... indicating that the government will continue to support the 52-hour weekly cap on working hours.
Through these efforts, Hong says the government aims to achieve an annual growth rate of 2-point-6-percent or 2-point-7-percent for next year... downgraded from the previous 2-point-8 percent forecasted earlier this year.
Kim Ji-yeon, Arirang News.
He also stressed the importance of making growth inclusive, noting how the global economy is at a turning point as wealth polarization worsens.
Kim Ji-yeon reports.
In a briefing held on Monday concerning the government's economic plans for next year... the Minister of Economy and Finance, Hong Nam-ki, said the government's emphasis on inclusive growth is vital... as the local economy faces growing external risks including the trade protectionism... which are expected to further affect Korea's exports.
Even though household income and domestic consumption have risen... he said there's still work to be done when it comes to economic indicators in employment and income distribution... and he said the government's plans are focused on these issues.
"Venture capital investments reached a record-high of nearly 2-point-7-billion U.S. dollars this year... and new startups particularly among the youth are rising. However, investment from the private sector,... the main source of jobs,... is still sluggish."
While the government strengthens its drive to deregulate... it'll also come up with ways for both traditional and new, innovative industries to prosper together.
The Minister also said the government will come up with measures by the end of this year to spur innovation in the languid manufacturing sector... as well as measures to revitalize promising areas of the services sector and to help the self-employed.
Hong also vowed by February to reform the process that determines the country's minimum wage increases... in a way that'll improve its predictability and fairness so that all parties in the labor market can accommodate the changes... starting with the wage increases for 2020.
He pledged to work on expanding the flexible work system from the current three months,... also by February,... indicating that the government will continue to support the 52-hour weekly cap on working hours.
Through these efforts, Hong says the government aims to achieve an annual growth rate of 2-point-6-percent or 2-point-7-percent for next year... downgraded from the previous 2-point-8 percent forecasted earlier this year.
Kim Ji-yeon, Arirang News.