By Sohn JiAe
Photos = Cheong Wa Dae

President Moon Jae-in presided over the first National Economic Advisory Council and Economic Ministers’ Meeting on Dec. 27. During the meeting he said, “I hope that 2018 will be the year when the people learn to sympathize with the fact that the income growth driven and people-focused economy that the government is pursuing is the proper direction.”

With about 70 ministers present, including Deputy Prime Minister and Minister of Strategy and Finance Kim Dong Yeon, Minister of Justice Park Sang-ki and Minister of Trade, Industry and Energy Paik Ungyu, as well as vice ministers and members from the National Economic Advisory Council, the president set forth his administration's economic policy direction for 2018 in four phrases: innovative growth, regulatory innovation, job creation & an income growth driven economy, and, lastly, a fair economy.

“Since the inauguration of our new government, we’ve accomplished meaningful change in terms of our economy within a very short period of time. We have an era lying ahead of us in which we can see USD 1 trillion in trade and a per capita yearly income of USD 30,000, as well as overall GDP growth approaching 3 percent.”



The president requested that the government give shape to areas of innovative growth, such as smart cities, self-driving cars, robots, drones and AI, and that it expedite a budget for job creation in 2018, and create jobs at public organizations.

He asked that more efforts be made to pursue an income driven economy for an increase in household incomes, and to fuel domestic demand, and that better law enforcement be put in place to forge a fairer economic structure.

Likening economic growth to the national psychology, President Moon said that, “Our government’s new set of policies concerning the economy for 2018 will be carried out with clear goals and direction, so that the public can have more confidence that the domestic economy and the quality of their lives will get better.”

jiae5853@korea.kr