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S. Korea's 2022 economic growth target set at early 3 percent range: finance minister

Finance 10:42 December 16, 2021

SEOUL, Dec. 16 (Yonhap) -- South Korea's top economic policymaker said Thursday the government plans to make efforts to help the country's economy grow in the early 3 percent range next year amid heightened economic uncertainty.

Finance Minister Hong Nam-ki said the country plans to focus on boosting domestic demand and conducting fiscal spending in the fourth quarter to achieve the 4 percent range growth target for this year.

The finance ministry plans to unveil its 2022 economic policy directions next week.

Hong said next year's economic policy will be focused on helping the economy pull off a complete recovery and putting it on an upgraded new growth path.

Asia's fourth-largest economy is on a recovery track on the back of robust exports. Exports spiked 32.1 percent on-year to hit a record high of US$60.44 billion in November, extending their gains to the 13th consecutive month. Annual exports are set to reach an all-time high this year.

But it faces growing downside risks as the latest upsurge in COVID-19 cases and the spread of the omicron variant are feared to hamper the recovery of consumer spending.

This photo, taken Dec. 13, 2021, shows stacks of containers at a port in South Korea's southeastern city of Busan. (Yonhap)

sooyeon@yna.co.kr
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