The Korea Times close
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
Business
  • Tech
  • Bio
  • Companies
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
Entertainment
& Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
Sports
World
  • SCMP
  • Asia
Video
  • Culture
  • People
  • News
Photos
  • Photo News
  • Darkroom
  • The Korea Times
  • search
  • Site Map
  • E-paper
  • Subscribe
  • Register
  • LogIn
search close
  • The Korea Times
  • search
  • Site Map
  • E-paper
  • Subscribe
  • Register
  • LogIn
search close
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
Tue, August 16, 2022 | 21:58
Policies
South Korea forecasts 3% GDP growth, $30,000 per capita income in 2018
Posted : 2017-12-27 16:58
Updated : 2017-12-28 11:36
Print Preview
Font Size Up
Font Size Down
Economic growth set for 3 percent

By Kim Yoo-chul

The economy is expected to grow 3 percent next year, with per capita income topping $30,000 for the first time ever, the government said Wednesday.

To attain the 3 percent economic growth target, the government will front-load a larger chunk of its budget expenditure in the first part of 2018. It will spend 59 percent of the budget in the first half and 34.5 percent of the job-related budget in the first three months.

Deputy Finance Minister Lee Chan-woo said the government will continue to push for "innovative growth" in 2018 by providing state support for smaller startups and promoting innovation in services and agriculture.

Korea's gross national income (GNI) topped $10,000 in 1994 and exceeded $20,000 in 2006. Last year, it was $27,561.

The government expects economic growth to come in at 3.2 percent this year. This will be the first time in seven years that the economy will record growth of over 3 percent for two years if the government achieve its target in 2018.

"We expect domestic demand to rebound next year, offsetting a slowdown in the growth of exports" said the deputy minister.

Domestic demand is expected to grow 2.8 percent next year, up from 2.4 percent this year. Export growth is forecast to slow to 4 percent from 15.8 percent.

The government said it will slash working hours next year, as part of its initiative for quality of life, and will seek to solve low birthrate and productivity problems.

Koreans worked 2,069 hours a year in 2016, the second-most among members of the Organization for Economic Cooperation and Development. That was more than the Americans and Japanese with 1,783 hours and 1,713 hours, respectively.

The government said it will extend the plan that offers up to 800,000 won in monthly subsidies for two years to an employee hired by a small- or medium-sized company.


Emailyckim@ktimes.com Article ListMore articles by this reporter
 
LG
  • Hyundai Motor Group becomes world's No. 3 automaker in sales volume
  • Thinking the unthinkable on North Korea
  • 'Japan is our partner': Yoon vows to improve Seoul-Tokyo ties
  • 'Missing Here' song bridges Israel, Korea
  • Consumers angered by luxury fashion platforms' return policies
  • [Analysis] Yoon faces uphill battle to regain public trust
  • Life of early 'Koryoin' featured in exhibition
  • Customs agency considers taxing intermediaries for brokered overseas purchases
  • Western, traditional Korean medicine doctors clash over terminology
  • Will Hyundai Motor Group reorganize Mobis for governance reform?
  • Interactive News
  • With tough love,
  • 'Santa dogs' help rebuild burnt forests in Andong
  • 'Santa dogs' help rebuild burnt forests in Andong
  • A tale of natural wine
    • Girls' Generation music video director apologizes for copying design Girls' Generation music video director apologizes for copying design
    • Star directors' new series to A-listers' small screen comeback expected in coming weeks Star directors' new series to A-listers' small screen comeback expected in coming weeks
    • NewJeans sets record with debut album NewJeans sets record with debut album
    • 2PM's Lee Jun-ho proves versatility at 'Before Midnight' concert 2PM's Lee Jun-ho proves versatility at 'Before Midnight' concert
    • 'Confidential Assignment 2' has even more action, humor 'Confidential Assignment 2' has even more action, humor
    DARKROOM
    • Ice is melting, land is burning

      Ice is melting, land is burning

    • Tottenham 6-3 Team K League

      Tottenham 6-3 Team K League

    • Afghanistan earthquake killed more than 1,000

      Afghanistan earthquake killed more than 1,000

    • Divided America reacts to overturn of Roe vs. Wade

      Divided America reacts to overturn of Roe vs. Wade

    • Namaste: Yogis to celebrate International Yoga Day

      Namaste: Yogis to celebrate International Yoga Day

    The Korea Times
    CEO & Publisher : Oh Young-jin
    Digital News Email : webmaster@koreatimes.co.kr
    Tel : 02-724-2114
    Online newspaper registration No : 서울,아52844
    Date of registration : 2020.02.05
    Masthead : The Korea Times
    Copyright © koreatimes.co.kr. All rights reserved.
    • About Us
    • Introduction
    • History
    • Location
    • Media Kit
    • Contact Us
    • Products & Service
    • Subscribe
    • E-paper
    • Mobile Service
    • RSS Service
    • Content Sales
    • Policy
    • Privacy Statement
    • Terms of Service
    • 고충처리인
    • Youth Protection Policy
    • Code of Ethics
    • Copyright Policy
    • Family Site
    • Hankook Ilbo
    • Dongwha Group