Korea's economic policy to focus on taming inflation, creating jobs

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Korea's economic policy to focus on taming inflation, creating jobs

Published: 14 Dec. 2022, 09:02 Updated: 14 Dec. 2022, 09:59

Finance Minister Choo Kyung-ho attends a meeting in Seoul on Dec. 13. [YONHAP]

Korea's finance minister said Wednesday the government will put its priority on combating inflation and creating jobs, while taking pre-emptive measures to cope with economic risks next year.

"The Korean economy is facing challenging situations at home and abroad. Difficulties are likely to further escalate in the first half of 2023," Finance Minister Choo Kyung-ho said during a meeting with economy-related ministers.

"Inflation has passed its peak, and the upward pressure has eased, but it is likely to stay at a high plateau for the time being," Choo said. "The growth in the number of employed people is also expected to slow significantly due to a base effect."

Considering such challenges, Choo said the country will prioritize taking "pre-emptive and active" measures to cope with changing economic situations in 2023.

The country will also revitalize exports and investment by fostering new growth engines, while lifting unnecessary regulations, he added.

Korea normally announces its economic policy goals for next year at the end of December.

Yonhap