Finance minister says gov't will aim for growth of over 2.2% for 2020
- 5 years ago
Also marking the beginning of the Moon administration's second half,... finance minister has layed out the government's ambitious goals for next year.
He set 2.2 percent growth rate as next year's target, while renewing call for a fiscal expansion to revamp the economy.
Here's our chief business correspondent, Kim Hyesung.
Finance minister Hong Nam-ki said the government aims to achieve economic growth next year of over 2-point-2 percent.
A range of 2-point-two to 2-point three percent is the growth forecast estimated by the IMF and OECD.
At a briefing with reporters Monday to deliver his assessment of the Moon administration's economic policy so far, the finance minister said the government will focus more on structural reform and boosting productivity for the next 2-and-a-half years.
He said the government's shift from policies focused on growth to policies focused on inclusiveness and distribution... has helped strengthen the country's social safety net.
But he said South Korea's growth has been hurt by slowing growth globally, uncertainties like the U.S.-China trade dispute and the downturn in the semiconductor sector.
To help boost growth and investment, he said the Moon Administration, moving forward, will focus on structural reform and deregulation.
He added that the government will continue with its expansionary fiscal policy.
A 2020 budget of over 440 billion U.S. dollars which is up 9-point-three percent on-year, has been submitted to the National Assembly.
Detailed policy measures for next year will be announced by December.
Kim Hyesung, Arirang News.
He set 2.2 percent growth rate as next year's target, while renewing call for a fiscal expansion to revamp the economy.
Here's our chief business correspondent, Kim Hyesung.
Finance minister Hong Nam-ki said the government aims to achieve economic growth next year of over 2-point-2 percent.
A range of 2-point-two to 2-point three percent is the growth forecast estimated by the IMF and OECD.
At a briefing with reporters Monday to deliver his assessment of the Moon administration's economic policy so far, the finance minister said the government will focus more on structural reform and boosting productivity for the next 2-and-a-half years.
He said the government's shift from policies focused on growth to policies focused on inclusiveness and distribution... has helped strengthen the country's social safety net.
But he said South Korea's growth has been hurt by slowing growth globally, uncertainties like the U.S.-China trade dispute and the downturn in the semiconductor sector.
To help boost growth and investment, he said the Moon Administration, moving forward, will focus on structural reform and deregulation.
He added that the government will continue with its expansionary fiscal policy.
A 2020 budget of over 440 billion U.S. dollars which is up 9-point-three percent on-year, has been submitted to the National Assembly.
Detailed policy measures for next year will be announced by December.
Kim Hyesung, Arirang News.