Send to

S. Korea's economic policy to focus on taming inflation, creating jobs: minister

Dec. 14, 2022 - 09:26 By Yonhap
Finance Minister Choo Kyung-ho speaks during a meeting in Seoul on Wednesday. (Ministry of Economy and Finance)

South Korea's finance minister said Wednesday the government will put its priority on combating inflation and creating jobs, while taking preemptive measures to cope with economic risks next year.

"The South Korean economy is facing challenging situations at home and abroad. Difficulties are likely to further escalate in the first half of 2023," Finance Minister Choo Kyung-ho said during a meeting with economy-related ministers.

"Inflation has passed its peak, and the upward pressure has eased, but it is likely to stay at a high plateau for the time being," Choo said. "The growth in the number of employed people is also expected to slow significantly due to a base effect."

Considering such challenges, Choo said the country will prioritize taking "preemptive and active" measures to cope with changing economic situations in 2023.

The country will also revitalize exports and investment by fostering new growth engines, while lifting unnecessary regulations, he added.

Choo added that further details will be announced in the near future, along with a vision tentatively named the "New Growth 4.0 Strategy."

According to the finance ministry, the blueprint will focus on upgrading previous economic growth plans that centered on agriculture, manufacturing and information technology.

"To this end, we plan to find and foster key projects in areas such as the future high-tech sector and digital transition, and gain an overwhelming lead in strategic industries," Choo said.

South Korea normally announces its economic policy goals for next year at the end of December. (Yonhap)