Economic Growth Plan

[Anchor Lead]

The government says its economic policies next year will focus on creating jobs and innovative growth. As the South Korean GDP per capita approaches the 30,000 dollar milestone next year, the government says it wants to distribute the fruits of growth and raise quality of life.

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The key to the government's economic policies next year is realizing the Moon Jae-in administration's policy goal of building a "people-centered economy." The three strategies to this aim are innovative growth, income growth through jobs, and a fair economy where the fruits of growth are evenly distributed.

[Soundbite] Pres. Moon Jae-in : "What's more important is for policy measures next year to produce tangible results for the public to feel the improvement in their individual lives."

To create jobs, over a third of the budget on job creation will be executed in the first quarter. Public corporations will hire 23-thousand new employees while more civil servants will also be recruited. For innovative growth, eight key sectors will be aggressively fostered including financial technology, smart factories, drones and self-driving vehicles. Related regulations will also be removed. The government especially aims to have the benefits of such income and economic growth to evenly reach the public.

[Soundbite] Kim Dong-yeon(Deputy PM for Economic Affairs) : "Only when a fair market order is established can people receive the due benefits of their contributions. This way the lives of all people can be improved."

Rules on punitive damage compensation will be strengthened while class action lawsuits against corporate collusion and price fixing will be introduced. The government will also push for fiscal expansion over the next five years to tackle mid- to long-term issues such as the low birthrate, poverty of the elderly and female employment. If the Korean economy grows by the target three percent, this will usher in an era of 30,000 dollars in per capita income. And with that, the government envisions to achieve both goals of economic growth and higher standard of living.