President Moon’s government to set up 2018 economic policy direction

President Mun Jae-in, on December 27, stated, "The economic scale of this year is improving, such as the trade volume of 1 trillion dollars and the economic growth rate of 3%, but it is important now." In the next year, we will create jobs in the private sector, It will enter the age of USD 30,000 in national income. "

President Moon presided over the first meeting of the National Economic Advisory Council and the Economic Relations Minister. President Moon said, "The economic performance of this year is not felt as the lives of the individual people," and that "this year`s economic policy direction for the second year of the new government is being reported." He urged the government to speed up policy and lead to national income.

President Moon also emphasized jobs and innovative economies that are directly linked to national income among the four wheels (jobs, income-driven growth, innovation growth, and fair economy) that can support the "people-centered economy." In particular, in relation to innovation growth, we instructed the leading industries such as Smart City, autonomous vehicle, and drone, selected by the Innovation Growth Strategy Meeting last month, to promptly shape innovation growth. It also urged the Government to make possible regulatory innovations immediately and to review the legal interpretation for the introduction of regulatory sandbox and negative regulation.

Kim Dong-yeon, the deputy prime minister of economy and planning and finance, announced the direction of economic policy next year. The economic policy direction for next year is based on the principle that "we should create visible changes in life that are in line with income levels." It will change the economic system itself so that the whole nation can experience the fruits of growth in line with the index of the national income of 30 thousand dollars. Kim Dong-yeon, the deputy prime minister of economy and planning and finance, said, "It is very important for the people to feel the warmth of growth, but the economic growth policy is important." It is based on the perception that improving quality of life is a precondition for sustaining growth beyond the promotion of welfare.

As a result, the government has decided to focus on increasing the amount of jobs as the increase in household income is a basic condition for improving the quality of life.

The top priority has been to overcome factors such as unstable labor, long hours of work, and income gap that hinder the quality of life. The minimum wage is set at KRW 7530, and KRW 3 trillion in job-stabilization funding is representative. In addition, measures to reduce the wage gap between large enterprises and SMEs by expanding the transition of regular workers to regular workers and win-win cooperation are included in the direction of economic policy.

Meanwhile, it raised the level of unemployment benefits from the current 50% to 60%, and plans to supply 190,000 public housing. Furthermore, it is a plan to find out growth models of key leading business fields such as pin tec, renewable energy, autonomous driving car, and intelligent connection, and to spread the achievement to the whole economy and society. (ICT) • Supporting innovative business start-ups & strengthening vocational training along with Healthcare and other areas to be selected as innovative growth targets. We have also decided to promote the Internet of Things (IoT), 5G commercialization and big data research and development (R & D).

Besides, the industry and financial sector plans to expand investment in pension fund KOSDAQ, support ecosystem for innovative companies, and spread technology and financial infrastructure.

The top priority is to overcome factors such as unstable labor, long hours of work, and income gap that hinder the quality of life. In addition, measures to reduce the wage gap between large enterprises and SMEs by expanding the transition of regular workers to regular workers and win-win cooperation are included in the direction of economic policy. It raised the level of unemployment benefits from the current 50% to 60%, and plans to supply 190,000 public housing. Furthermore, it is a plan to find out growth models of key leading business fields such as pin tec, renewable energy, autonomous driving car, and intelligent connection, and to spread the achievement to the whole economy and society. Information and communication technology (ICT) • Innovative start-up support • Strengthen vocational training • Health care and other areas have been selected as innovative growth challenges.

By Park Mee Yeong & Kwon Dae Goung mypark@


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