The Korea Herald


Finance minister vows to maintain decent economic growth in 2018

By Yonhap

Published : Dec. 29, 2017 - 15:23

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South Korea's chief economic policymaker said Friday that the government will do its utmost to maintain decent growth for the country in the new year.

"The new year will mark the first time (for the economy) to achieve a (per capita GDP) $30,000 level," Finance Minister Kimg Dong-yeon said in his message for 2018. "(The government) will redouble efforts to help the economy maintain its solid expansion."

Earlier, the finance ministry said it will implement its economic policy next year to boost job creation and innovative growth, which will help improve quality of life, while laying the foundation to tackle the country's chronic low birthrate and maintain a good pace of growth over the mid-to-long haul.

Finance Minister Kim Dong-yeon (Yonhap) Finance Minister Kim Dong-yeon (Yonhap)

The economy, Asia's fourth-largest economy, is expected to grow 3 percent next year, following this year's estimated 3.2 percent expansion, on the back of the solid global economy and a series of policy measures, according to the ministry.

The finance ministry said job-creating sectors and firms will receive an array of tax and other benefits, while the government will draw up more measures to help facilitate local firms' hiring of more women.

Backed by solid economic growth and a rise in income, South Korea's per capita gross domestic product is widely forecast to surpass the landmark level in the coming months.

South Korea would become the third major country in Asia-Pacific region to achieve the milestone after Japan and Australia

The minister said next year's economic policy is aimed at bringing about a change in citizens' life.

"While securing decent economic growth is important, it is equally important to improve quality of life," he said. (Yonhap)