S. Korean Gov't Unveils "People-Centered" Economic Directives

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By AsiaToday reporter Jo Sang-eun

The South Korean government's direction of its 2018 economy policies is focused on realizing the people-centered economy.

It eventually aims to achieve 3 percent growth and per capita income of US$30,000 next year. The government announced 2018 economic policy directives Wednesday at the first meeting of the National Economic Advisory Council and Economic Ministers' Meeting held at the presidential office Cheong Wa Dae.

The economic policy directives, which are practically unveiled for the first time since the launch of the Moon Jae-in government, are under three key principles - a job creating economy, income-led growth, and innovative growth - with the people-centered economy as the basis of economic policies.

"We have been working to fundamentally change the economic paradigm in order to overcome the structural problems of low growth and economic inequalities," President Moon Jae-in said. "With the people-centered economy as a policy base, we will implement economic policies under three main principles - a job creating economy, innovative growth, and a fair economy."

The government will promote the second phase of income-led growth by creating quality jobs to expand household incomes, reduce wage gaps, and reduce the cost of living.

The government has implemented the highest-ever job budget in the first quarter of next year, and increased the number of new public-social service jobs to more than 23,000. In addition, the government will provide funds in aid to help job seekers according to its plan, and reform the minimum wage system reasonably.

In order to improve the quality of the economy, the government will promote innovative growth in the economy and society, and promote future industries, including smart grid, smart farm, fintech, renewable energy, smart city, drones and autonomous vehicles.

"I would like to say that the government made meaningful changes in the economy in short period of time since the launch of the new government," the president said. "I'm confident that we will continue to achieve 3 percent growth and per capita income of US$30,000 next year."

+ This article was originally published on AsiaToday. (See original version)

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