Print

Mail

wiki links

South Korea trying to create more jobs

South Korea will try to create extra jobs and ease the burden of spending on education to encourage more consumers to buy goods.

The government plans resolve structural problems caused by an increase in spending to boost the economy, the Ministry of Finance and Economy said in a statement, outlining results of a meeting among economy-related ministers.

"Consumer spending is expected to show a gradual recovery considering the recent trend in consumer confidence and brisk exports," the ministry said in the statement.

The government predicts South Korea's economic growth will slow to about 3 percent this year from 6.3 percent last year because consumer spending and corporate investment has dropped since the fourth quarter. The economy has contracted in the first two quarters of this year.

South Korea's household debt last month rose 3.2 trillion won (US$2.8 billion) as Koreans took out more property loans. That matched August's gain, which was the biggest since March.
This story has been viewed 1647 times.