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S. Korean gov't pledges GDP growth of over 3.5% in 2021 Updated: 2021-05-10 05:56:03 KST


The South Korean government says it will focus on economic policies to ensure GDP growth of over 3.5 percent this year.
In its economic policy report released on Friday, the Finance Ministry cited data from the International Monetary Fund, that forecast South Korea's average GDP growth for the years 2020 to 2021 combined would reach 1.3 percent.
This is far above the average for advanced economies, which is forecast at just two-tenths of a percent.
The IMF said Korea is expected to see a small v-shaped recovery from the pandemic-hit recession, which is a smaller fluctuation than the big V shaped recovery expected for advanced economies.
The report also highlighted that the South Korean economy became the 10th-largest economy in the world last year.
It explained that in the first four years of the Moon administration, the country has shown a resilient export recovery despite the global health crisis, and is currently working on speedy implementation of support projects for small business owners, and those whose employment is at risk due to the pandemic.
For the final year of the Moon administration, the government has pledged to nurture the so-called 'Big 3' industries, namely system semiconductors, future cars and bio health.
The government has also pledged to spend nearly 143 billion U.S. dollars of funds for the Korean New Deal by 2025, in line with its goal to achieve carbon neutrality by the year 2050.
It also vowed to focus on support for small business owners hit by COVID-19 and expand the supply of new housing to tackle the overheated housing market.
Kim Jae-hee, Arirang News.
Reporter : jhee@arirang.com
KOGL : Korea Open Government License
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