South Korea braces job creation, innovative growth

South Korea braces its economic policy next year in an effort to boost job creation, innovative growth and tackle the country’s chronic low birth numbers, Seoul’s chief economic policymaker said Wednesday.

“The government is fine-tuning details on its economic policy for next year with its priority placed on creating jobs, boosting innovative growth and addressing the low birthrate,” Finance Minister Kim Dong-yeon said in a economy-related ministers meeting.

“For this year, a 3 percent growth rate is certain, with a decent growth trend being maintained,” he said adding that tough employment conditions, however, will continue into next year.

The finance ministry is set to unveil a set of economic policy measures next week.

Kim said the government will iron out measures to cushion potential fallout from a hike in minimum wage set to be implemented next year.

Earlier, the government said it will provide some 3 trillion won (US$2.76 billion) in aid to help small businesses deal with the minimum wage hike.

In July, South Korea decided to increase its minimum wage by 16 percent in the new year, marking the biggest jump in about two decades.

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