South Korea's Acting President and Prime Minister Hwang Kyo-ahn said Thursday the government will employ all possible means to cope with the faltering economy.
"To make a turnaround from the recent slowdown soon, it is important for the government and public sector to actively boost the economy by mobilizing all available resources," Hwang said during a meeting of finance and economic ministers to discuss policy priorities for 2017.
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Acting President and Prime Minister Hwang Kyo-ahn speaks during a meeting held at the Seoul-based government headquarters on Dec. 29, 2016. (Yonhap) |
His remark came as Asia's fourth-largest economy cut its 2017 growth forecast by 0.4 percentage point to 2.6 percent.
The acting president said the government must especially focus on revitalizing the sagging sentiment of households and corporations, while lending support for youths to start their own businesses.
Hwang said the government should also continue to assist exports and help companies win new contracts overseas.
He instructed the ministries to take pre-emptive actions to address external instabilities by improving the soundness of external financing and foreign-exchange liquidity.
South Korea should also closely monitor key rate hikes in the United States, and potential changes in trade policies by its new administration, he said.
Hwang stressed the need for the government to boost efforts for job creation as the private sector is losing its ability to hire.
"The government and the public sector must expand new employment as much as the budget allows and provide bold fiscal and tax support to help companies hire more people," Hwang said.
The acting president also ordered the officials to review its policies to promote child birth and overhaul pension programs to cope with a fast aging population. (Yonhap)
