Moon Jae-in to increase economic vitality through private investment in ‘by income growth’ the centre of gravity of the government's economic policy. In order to boost the economy next year, South Korean Government is going to attract investments worth 21.9 trillion won from private and public companies and invest 8.6 trillion won to expand living social overhead capital (SOC) such as libraries and gyms. In the meantime, Moon Jae-in income growth initiatives, the Government's key economic policy is into the ‘speed control’.
17, Moon Jae-in, the government presided over by president announced a ‘economic polices, 2019’ content such as Ministers ' meeting and a magnifying glass.
"We will do our best to ensure that the economic situation will improve to at least this year," Deputy Prime Minister and Minister of Strategy and Finance Hong Nam-ki said at the meeting on the same day.
The change comes as the income-led growth policy, represented by the minimum wage increase, resulted in a paradoxical result of reducing low-income jobs and worsening income distribution. "We will make up for some policies that were faster than market expectations (low wage increase and a 52 hour work week) with a will," the government said.배팅사이트
The government plans to come up with a plan to revise the minimum wage decision structure by January next year. The government is also considering extending the period of shortening the working hours to the end of this year to the completion of the bill.
It is estimating that South Korea's economic growth rate will be 2.6% to 2.7% this year. This figure has been lowered by 0.2 to 0.3 percentage points from the time when economic conditions were diagnosed in the second half of July. South Korean Government is predicting that it will grow 2.6% to 2.7% next year, which is same level as this year's.
"The flow is important when predicting economic indicators," said former deputy minister of Strategy and Finance during a briefing.
The number of employed people next year is 150,000, which is 50,000 more than the 100,000 forecast this year. It is predicted that this situation will be better than this year due to policy efforts despite poor manufacturing industries and automation of the service industry.
Based on this prediction, the biggest characteristic of next year's economic policy is to stimulate investment. The government is planning to increase overall economic vitality by mobilizing all available policy measures such as improvement of financial, financial, and systems. Compared to the fact that job creation and income-led growth took the top spot in the direction of economic policy this year, the change in economic management is expected next year.