finance minister-policy implementation
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yonhapnews
Date
2018.05.11

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finance minister-policy implementation
Finance minister vows to make slew of key policies bear fruit
   SEJONG, May 11 (Yonhap) -- South Korea's chief economic policymaker said Friday that the government will do its utmost to ensure key policy measures bear fruit in the second year of the Moon Jae-in administration and that it will put more effort into creating quality jobs.
   "Last year, the Korean economy grew 3.1 percent, and what is more important is that more citizens feel it through an improved quality of life," Finance Minister Kim Dong-yeon said in video footage posted on social media by the presidential office of Cheong Wa Dae.
   The minister said the government will make efforts to produce tangible results for economic growth, income distribution and business activities in Moon's second year in office.
   Kim said improving the country's job market conditions is not an easy task and it may take some time to resolve the matter due to existing structural problems.
   The South Korean economy is on a firm growth trajectory, but a tough job market, coupled with controversy over the effects of a raft of new economic policies, is posing daunting challenges for the liberal government that took office a year ago.
   South Korea's economic growth accelerated last year on the back of robust exports amid a global economic recovery. 
   For this year, the economy is widely expected to expand by 3 percent on continued domestic demand recovery and robust exports.
   Despite the economic expansion forecast for coming months, the country's unemployment numbers are a source of concern.
   Last year, the number of unemployed reached 1.03 million, with the jobless rate for those aged between 15 and 29 standing at 9.9 percent, the highest since 2000. The number of newly employed came to 100,000 in both February and March, a sharp drop from the 200,000 to 300,000 of previous months.
   In March, the government proposed a 3.9 trillion-won supplementary budget and a set of measures, including bolder financial and tax incentives, to respond to the high jobless rate among young people. The government submitted the supplementary budget proposal to the National Assembly on April 5.
   But the passage of the extra budget bill has been held up as the country's political parties have been in a deadlock over issues such as the amendment to the Constitution and an online opinion rigging scandal.



   sam@yna.co.kr
(END)

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