President Park Geun-hye instructed her Cabinet members Tuesday to make all-out efforts to revive the economy. I ask you to wage an all-out war by mobilizing all possible means, including financial and fiscal measures, Park said as she presided over her first meeting with her new Cabinet at Cheong Wa Dae. Her emphatic remarks come two days before the government is set to unveil an economic management plan for the second-half of the year amid a consumption slump and toughening economic conditions at home and abroad. We dont need just figures, Park added. Please focus our financial resources on areas where ordinary people can actually feel the effects and where there are many jobs. She added that domestic demand must be invigorated based on an increase in household income and more employment. Park also emphasized her drive for regulatory reform. Deregulation is the best way to revive the economy without costs, she said. Keeping this in mind, I want all of you to revise regulations that have to do with the market economy. The Korean economy has continued to falter since the April 16 Sewol ferry disaster amid growing concerns that the drive for economic recovery might be losing traction amid slow to low growth.
Posted on: Wed, 23 Jul 2014 05:40:48 +0000
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