South Korea to spend more to counter 'worst job market since the financial crisis'
Reuters
Published Aug 15, 2018 10:59PM ET
South Korea to spend more to counter 'worst job market since the financial crisis'
SEOUL (Reuters) - South Korea's finance minister said on Thursday the government will raise its spending by more than planned until 2022 to counter a feeble weak labor job market and economic polarization as inequality in South Korea rises. Earlier, the government cut its jobs outlook, expecting the Asia's fourth-biggest economy would add only 180,000 jobs this year, down from 320,000 estimated earlier.
"The job market is the worst since financial crisis. The government's big challenge is how to support the job market through fiscal policies," Finance Minister Kim Dong-yeon said in a speech.
"The polarization issue is very perplexing. From my point of view, economic growth and innovation would be difficult to sustain without addressing the issue," he said.
Kim said next year's budget spending increase will be far higher than the 5.7 percent rise set earlier, noting that tax revenues will be robust until next year.
Kim said the government would increase spending on research and development to support private firms' efforts to advance artificial intelligence, big data and hydrogen vehicles.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.