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작성일 : 19-12-23 00:16
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Government, “Economic Rebound Next Year at All Costs” Aims for 2.4% Growth [Economic Policy for 2020]
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글쓴이 :
동방서사
 조회 : 150
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The government forecast for the South Korean economy next year was a 2.4% growth. As the global economy recovers, exports are improving, and with the government’s expansionary fiscal policy and policies to stimulate investment, the government expects to see an increase in domestic consumption and investment and expects the economy to grow 0.4% more than it did this year. In order to accelerate the economic rebound, the government will provide income tax deductions for the cost of accommodations for domestic travelers and implement various measures to encourage consumption throughout the nation, including more duty free shops in the arrival halls of major airports nationwide. It will also attract investments of 100 trillion won in private and public sectors, including private investments.
On December 19, the government released these details when announcing the “Direction of Economic Policies for 2020” during a meeting with economic ministers presided by President Moon Jae-in. The government put investment and boosting consumption at the forefront of its economic policy. In a joint briefing this day, Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki said, “This reflects our determination to create momentum for an economic rebound next year at all costs,” and added, “We will make 2020 into a year filled with words like, ‘Things are better,’ ‘Things have changed.’”
To boost economic growth, the government is focusing most intently on attracting investment. Next year, the government plans to excavate investment projects worth 100 trillion won. This includes 60 trillion won of public investments, such as public housing, railways, and expressways; 15 trillion won of corporate investments, such as a petrochemical factory in Ulsan (7 trillion won); and 15 trillion won of private investments, such as K-Pop concert halls.
The government also has plans to stimulate consumption centered on the tourism industry. The government will allow group tourists from Vietnam, Indonesia, and the Philippines visiting Jeju to transfer and visit other tourist sights in Korea without a visa--currently permitted to Chinese tourists only. It is also reviewing measures to provide income tax deductions for 30% of the cost of accommodations for domestic travelers. In order to encourage the domestic consumption of overseas tourists, the government is planning to open arrival-hall duty free stores, currently open only at Incheon International Airport, to all airports and is reviewing permission of the sale of tobacco.
The government will continue to expand its policies for more jobs. According to the government, next year, the productive population will decrease by more than 200,000, so the increase in the employed population will drop from 280,000 to 250,000, but the employment rate is expected to increase from 66.8% to 67.1%. The government will also provide a comprehensive employment measure for people in their forties, whose employment rate dropped throughout this year, and also release measures tailored to single-person households.
Meanwhile, structural reforms appear to have been pushed back. As for the 52-hour workweek, the government will seek changes from its initial support for shorter working hours by expanding the flexible working hour system, and continue to reform the wage system to a more task and capability-centered system, but the government left out the details.
This day, during the meeting with his economic ministers, President Moon said, “Next year will be a time for the government to gather the fruits of the policies it has implemented so far,” and asked his ministers to “lead the nation with the belief that the government can do anything as long as it can create one more job and obtain one more investment.”
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