Finance minister: 2.8% growth within reach

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Finance minister: 2.8% growth within reach

Korea’s Finance Minister Yoo Il-ho once again stressed that the government’s target of 2.8 percent economic growth is obtainable especially considering the restructuring of the shipping and shipbuilding sector is in full swing.

Yoo, at a forum organized by the Federation of Korean Industries, in Pyeongchang, Gangwon on Saturday, said the government will release results of the restructuring of the industry in September.

But the Finance Minister said the biggest threat Korea faces is its rapidly aging society. “In order to overcome this we need to secure innovative productivity,” Yoo said, urging for an overhaul in the labor market.

“There’s a limit to the government trying to increase the employment figure,” Yoo said. “I don’t think this is a matter that either the ruling or the opposition parties [in Korea’s politics] to argue whether to accept or disapprove [of passing labor reform laws].

“Only countries that succeeded [in labor reforms] will be able to pass down a good country to the future generation.”

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