The Executive Yuan yesterday approved two projects designed to reduce the jobless rate from 4.57 percent to 4.5 percent and raise the economic growth rate to 3.52 percent by the end of next year.
In a bid to raise funds for the ventures -- estimated to cost about NT$70 billion -- the Cabinet approved two separate draft bills which would allow the the projects to be excluded from public debt calculations.
The Public Debt Law
The two special drafts, which would be valid for a year, will proceed to the Legislative Yuan for further review and final approval. The Cabinet hopes to pass the bills during the current legislative session.
Addressing the press conference held after the weekly closed-door Cabinet meeting, Ho Mei-yueh(何美王月), chairwoman of the Cabinet's Council for Economic Planning and Development, said that the NT$50 billion public construction project is estimated to create 40,000 jobs next year.
"With the injection of the money and creation of jobs, we'd like to see the economic growth ratio increased by 0.25 percent to 3.52 percent by the end of next year, by 0.19 percent in 2004 and by 0.18 percent in 2005," Ho said.
Statistics provided by the council yesterday show that the economic growth ratio last year was negative 2.18 percent, while this year it is estimated the economy will grow by 3.27 percent.
The NT$20 billion public service project aims to create 75,000 more jobs and lower the jobless rate from the current 4.57 percent down to 4.5 percent.
The project is designed mainly for those unemployed people aged between 35 and 65. Job applicants must sign up at a public employment agency. Jobs are available in 21 different sectors, including environmental beautification and community service.
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