S. Korea to announce special ‘job budget’
SEOUL: An extra budget to be announced by South Korea today is intended to create jobs and not boost economic growth, said the president’s secretary for policy yesterday.
“This extra budget is not linked to economic growth we’re seeing right now but rather the social classes that are in pain at the moment; it will be to improve their quality of life,” said Jang Ha-sung at a media briefing.
Jang, a veteran academic specialising in finance, was named top policy adviser to President Moon Jae-in last month.
He described the current state of jobs as a
“catastrophe” that could not be left alone.
The overall unemployment rate in April stood at 4.2 per cent in non-adjusted terms, but the jobless rate for young
South Koreans aged 15 to 29 has recently lingered in the doubledigit range, sparking concern.
The government’s proposed extra budget must be approved by Parliament. Opposition lawmakers had said the plan did not meet legal requirements for such spending, but Moon had been firm that it must pass.
The country’s first liberal president in a decade, Moon promised job creation would be a top priority during his presidency.
South Korea’s economy has steadily improved this year on the back of a rebound in global demand for Asian goods.
Last month, exports rose for a seventh straight month by 13.4 per cent as demand held up for key products such as semiconductor chips and displays.
Asia’s fourth-largest economy grew 1.1 per cent in January to March on a seasonally adjusted basis. Reuters