President Moon Jae-in said Monday he aims to realize "income-led" economic growth that spreads its benefits across all sectors.
Moon made the remark as he outlined his economic policy during a meeting with International Monetary Fund Managing Director Christine Lagarde, saying the policy is in line with the IMF's call for a balance between domestic demand and exports, according to spokesman Park Soo-hyun.
"President Moon Jae-in explained that the South Korean government has made a human-centered economy its new economic paradigm and is trying to realize income-led growth whose fruits are spread evenly across the economy," Park said in a statement.
President Moon Jae-in shakes hands with International Monetary Fund Managing Director Christine Lagarde during a meeting on Sept. 11, 2017. (Yonhap)
Moon also asked the IMF to make policy recommendations and expand research so as to help realize inclusive growth, the spokesman said.
Lagarde said that economic growth is further strengthened and becomes more sustainable when its benefits are widely shared. She also praised Seoul's policy for conforming to the kind of inclusive growth that the lending agency has called for, Park said.
She said that the South's policy is expected to lower entrance barriers for promising new startups while preventing excessive market dominance by conglomerates, which will improve productivity and contribute to inclusive growth.
Moon agreed to the point, saying that the chaebol -- Korea's family-run conglomerates -- will ultimately improve their international competitiveness and growth potential if there is reform and fair competition, the spokesman said. (Yonhap)