Deputy Prime Minister and Finance Minister Hyun Oh-seok said Tuesday that the government would push to end the nation’s long-standing period of low growth through various economic policies that had been already devised for implementation in the second half of this year.

In a meeting with heads of social and economic research centers, Hyun said recovery momentum was still weak although Korea’s first-quarter growth of 0.8 percent was above expectations.

Korea continues to face growing risks and uncertainties stemming from advanced countries’ expected exits from quantitative easing and Japan’s Abenomics that has weakened the Japanese currency to make its products more competitive overseas.

Its creative economy policy promoting venture start-ups and investments, as well as policies for job creation and the revitalization of the housing market, will help break Korea’s unprecedented eight consecutive quarters of growth below 1 percent, Hyun added.

The government’s 134.8 trillion won ($118.8 billion) spending plan, of which 84 percent will be used over the next five years for public well-being and economic revitalization, will also be in place to help Korea get back to achieving its traditional level of 4 percent growth, he added.

The Bank of Korea slashed its key base rate last month in an apparent move to support the administration’s fiscal stimulus measures. The central bank will convene its monetary policy committee meeting this Thursday for June’s rate decision.

By Park Hyong-ki (hkp@heraldcorp.com)