Restructuring industry, labor and the private sector will be the focus for the government as it works to raise Korea’s national competitiveness. During a government meeting on innovative growth and policy on Friday, Vice Finance Minister Kim Yong-beom said the government will commit itself to five areas next year, including: the innovation of industries by incorporating future technologies into existing manufacturing; the innovation of the labor market including wages, working hours and the way we work; the innovation of the public sector, including more efficient spending; and tackling changing structures, including those related to demographics and technologies; and regulatory innovation. The five areas have been dubbed the “4+1” policy. “In the 2020 economic policy direction, the government will include specific details on the structural reforms in the five areas that would help create the momentum that would drive the economy out of the difficult situation and help make a rebound,” Kim said, referencing the policy that will be announced later this month. He said Korea is highly competitive in ICT, infrastructure and macroeconomic stability. “However, when it comes to the labor market and regulation, we have long been at the lower end. The government will improve major indices including ranking… Read full this story
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