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Finance minister vows to improve people's quality of life

All News 15:05 January 03, 2018

SEOUL, Jan. 3 (Yonhap) -- South Korea's chief economic policymaker said Wednesday that the government will put top priority on improving people's quality of life and urged heads of financial firms to continue their efforts toward innovative growth.

In a meeting with the leaders of financial companies, Finance Minister Kim Dong-yeon said this year will be the first time for Asia's fourth-largest economy to achieve a US$30,000 per capita GDP level.

"The government's top task is to boost citizens' quality of life," Kim said during the meeting.

Earlier, the finance ministry said it would implement its economic policy this year to boost job creation and innovative growth, which will improve quality of life, while laying the foundation to tackle South Korea's chronic low birthrate and maintain a strong pace of economic growth over the mid-to-long term.

The economy is expected to grow 3 percent next year, following this year's estimated 3.2 percent expansion, on the back of the solid global economy and a series of policy measures.

Backed by solid economic growth and a rise in incomes, South Korea's per capita gross domestic product (GDP) is widely forecast to surpass the landmark threshold of US$30,000 in the coming months.

South Korea would become the third major country in the Asia-Pacific region to achieve the milestone, after Japan and Australia.

"Through innovative growth, we need to raise our economic level," Kim said, adding that local financial companies should pursue financial innovation.


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