Finance Minister Hong Nam-ki's 100 days in office: Achievements and challenges
- 5 years ago
홍남기 100일, 경제활력 '주력'... 수출•투자•고용은 숙제
It's been more than 3 months since Hong Nam-ki took office.
We take a look back at the second economic chief for the Moon Administration has accomplished thus far, and the challenges that lie ahead.
To do that let's turn to our Kim Hyesung.
March 19th, 2019 marks the 100th day since finance minister Hong Nam-ki took office last December.
Goals at the top of his agenda have been boosting economic vitality, strengthening socio-economic inclusiveness and pushing for innovative growth.
In February, the government finalized changes to the Minimum Wage Commission, having representatives from labor, management, the public and the government... to make sure future wage changes are more acceptable to the market.
The minimum wage in the country has gone up by double digits in 2018 and 2019 to seven U.S. dollars and 40 cents an hour.
"The finance minister has addressed concerns from the self-employed and the corporate sector -- from the way the minimum wage is calculated... to flexible work under the 52-hour hour work week. He's shown a strong determination to communicate with various parties to reach a consensus."
Minister Hong Nam-ki continued the government's expansionary fiscal policy... by making 23 projects... worth 21 billion U.S. dollars... exempt from preliminary government economic assessments -- meaning they can be carried out faster.
The government also helped broker an agreement on a so-called Gwangju model for jobs -- a manufacturing joint venture between the Gwangju city government and Hyundai Motor to set up a new auto factory.
"But job growth remains sluggish. In February, new jobs added bounced back to the 200-thousand level, but many were public sector jobs for the elderly. Higher quality, manufacturing jobs for the 30s and 40s decreased."
"Unemployment and the wealth gap are still very high. The government has been spending more to boost growth on the back of its huge tax revenues, but it's important where it is used. Government construction projects won't help the economy in the long run. So-called innovative growth plans like hydrogen economy need to be fleshed out in more detail for them to be feasible."
With the global slowdown weighing on Korea's exports, the key driver of the local economy,... experts say on top of expansionary fiscal policy...structural reform and deregulation need to gain pace this year to create sustainable growth.
Kim Hyesung, Arirang News.
It's been more than 3 months since Hong Nam-ki took office.
We take a look back at the second economic chief for the Moon Administration has accomplished thus far, and the challenges that lie ahead.
To do that let's turn to our Kim Hyesung.
March 19th, 2019 marks the 100th day since finance minister Hong Nam-ki took office last December.
Goals at the top of his agenda have been boosting economic vitality, strengthening socio-economic inclusiveness and pushing for innovative growth.
In February, the government finalized changes to the Minimum Wage Commission, having representatives from labor, management, the public and the government... to make sure future wage changes are more acceptable to the market.
The minimum wage in the country has gone up by double digits in 2018 and 2019 to seven U.S. dollars and 40 cents an hour.
"The finance minister has addressed concerns from the self-employed and the corporate sector -- from the way the minimum wage is calculated... to flexible work under the 52-hour hour work week. He's shown a strong determination to communicate with various parties to reach a consensus."
Minister Hong Nam-ki continued the government's expansionary fiscal policy... by making 23 projects... worth 21 billion U.S. dollars... exempt from preliminary government economic assessments -- meaning they can be carried out faster.
The government also helped broker an agreement on a so-called Gwangju model for jobs -- a manufacturing joint venture between the Gwangju city government and Hyundai Motor to set up a new auto factory.
"But job growth remains sluggish. In February, new jobs added bounced back to the 200-thousand level, but many were public sector jobs for the elderly. Higher quality, manufacturing jobs for the 30s and 40s decreased."
"Unemployment and the wealth gap are still very high. The government has been spending more to boost growth on the back of its huge tax revenues, but it's important where it is used. Government construction projects won't help the economy in the long run. So-called innovative growth plans like hydrogen economy need to be fleshed out in more detail for them to be feasible."
With the global slowdown weighing on Korea's exports, the key driver of the local economy,... experts say on top of expansionary fiscal policy...structural reform and deregulation need to gain pace this year to create sustainable growth.
Kim Hyesung, Arirang News.