S.Korea to focus on job creation, innovative growth, low birth rate

Source: Xinhua| 2017-12-20 14:25:50|Editor: liuxin
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SEOUL, Dec. 20 (Xinhua) -- South Korea's top economic policymaker said Wednesday that the government will focus on job creation, innovative growth, low birth rate next year.

Kim Dong-yeon, deputy prime minister for economic affairs who doubles as finance minister, told a meeting with economy-relevant ministers that next year's economic policy would be centered on job creation, innovative growth and low birth rate.

The finance ministry planned to unveil next year's economic policy direction next week.

Kim said South Korea's economy was "for certain" expected to grow by more than 3 percent this year, but he noted that labor market conditions were forecast to be difficult next year including economic growth without job creation.

High jobless rate among the younger generation has been a headache facing the South Korean economy as nearly half of college graduates here failed to get a decent job, according to some of local media speculations.

President Moon Jae-in put his top priority on job creation, but the labor market conditions remained lackluster as the private companies refrained from hiring more amid lingering economic uncertainties at home and abroad.

Kim said at an employment exhibition for public workers that public corporations planned to hire about 23,000 new employees next year, more than half of which will be recruited in the first half of next year.

The government also planned to foster innovative industries next year in a bid to help create jobs and diversify its growth engines.

The low birth rate is a prolonged headache for the South Korean economy as the younger generation delayed the marriage and postponed having babies amid the worsened labor market conditions and higher living costs.

It would damage growth potential of the economy as the working age population is falling amid the age population.