The government and PPP agreed to cut electricity bills for small businesses, extend the investment tax credit scheme and provide financial relief to support economic recovery in 2024.
If the projection holds, 2023 will likely be the second year of decelerating growth. This year, the economy is forecast to grow 2.5 percent after last year's 4.5 percent.
One of the key measure that the government presented was the lowering the maximum corporate tax rate from 25 percent to 22 percent. It be the first lowering of corporate tax rate in 13 years and a switch from the Moon government.
North Korean officials blamed themselves for poor economic development in pieces carried in state media Tuesday, following leader Kim Jong-un’s rare admittance of failures in his country’s economic plans at the beginning of the year.
Korea JoongAng Daily Sitemap