1st Ministerial Meeting on Boosting the Economy
20th Ministerial Meeting on the Economy
1st Meeting Discusses General Policies of New Economic Team, as well as 2019 Economic Policies
Newly appointed Deputy Prime Minister, Hong Nam-ki, presided on December 12 over the 1st Ministerial Meeting on Boosting the Economy, a temporary name for the Ministerial Meeting on the Economy to reflect the new economic team’s first priority. The meeting discussed general policies the new economic team will pursue, as well as the 2019 economic policies.
The following is a summary of DPM Hong’s keynote address.
General policies of the new economic team
- Continue to pursue the three pillars of the previous economic team: income-led growth, growth driven by innovation and fair competition
- Focus on boosting the economy, such as through restructuring, while at the same time seeking inclusive growth
- Work to reflect voices of the private sector, such as industries and markets: The new economic team will put an emphasis on closely communicating with the private sector to find solutions to problems arising in the field
2019 economic policies
The 2019 economic policies will consist of four parts: promoting investment, pursuing industrial restructuring, listening to the voices of the market and at the same time seeking inclusive growth, and preparing for the future. Measures included are as follows:
- Promoting investment: Work for the investment suspended due to regulatory or other obstacles to be made as soon as possible by improving regulations and finding solutions to difficulties, and frontload in the first half large part of the next year budget which is worth 470 trillion won
- Pursuing industrial restructuring: Work to improve major regulations, develop new industries, increase the competitiveness of major industries and grow the service sector
- Listening to the voices of the market, as well as seeking inclusive growth: Review the minimum wage increase and up to 52 weekly work hours, taking into consideration concerns in the field, to slow down the policies if needed
- Preparing for the future: Work to successfully cope with changes in the future, such as by making investment in advance, which include those from the 4th industrial revolution, low birth rates and aging population, and economic cooperation with the North
Please refer to the attached pdf
