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S. Korea eyes V-shaped economic recovery: finance minister

According to Yonhap News,

SEOUL, Dec. 31 (Yonhap) -- Finance Minister Hong Nam-ki on Thursday vowed utmost efforts to pull off a V-shaped economic recovery next year, saying the government will put the priority on boosting the job market severely battered by the new coronavirus outbreak.

In a New Year's message, Hong also said the country will closely monitor risk factors, including the property market and growing household debts.

"The government will make further efforts to help the country's economy grow 3.2 percent next year and create 150,000 jobs," the minister said.

"We will focus on creating quality jobs in the private sector for young adults who have seen opportunities for employment sharply fall (amid the pandemic)," he said.

In its economic policy plan for next year, the finance ministry said Asia's fourth-largest economy is expected to rebound in 2021 on improving exports and domestic demand, following this year's estimated contraction of 1.1 percent.

The government said it will center on boosting consumption and propping up the sluggish job market as the country sets its sights on overcoming economic slumps caused by the COVID-19 pandemic.

"We will spare no efforts to provide policy support to help people return to their pre-pandemic lives," he said.

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Source: Yonhap News (Dec 31, 2020)

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