Seoul's finance chief, meanwhile said he believes
economic growth next year will be similar
to this year at 2-point-6 to 2-point-7 percent.
Hong Nam-ki stressed the importance of making
growth inclusive.
Highlighting that the global economy is at
a turning point as wealth polarization worsens.
Kim Ji-yeon shares with us his remarks.
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.
