Finance Minister Expresses Concerns about Tight Labor Market

Write : 2018-07-12 13:11:21 Update : 2018-07-12 13:38:18

Finance Minister Expresses Concerns about Tight Labor Market

Deputy Prime Minister and Finance Minister Kim Dong-yeon has expressed concerns about the continued slump in the local labor market.  

In an emergency economic meeting held at the Seoul Government Complex Thursday, Kim said that the job market situation is the worst since the financial crisis and is becoming a sore point for the South Korean economy. 

He added that the situation is unlikely to improve drastically in the near future. 

The minister stressed that achieving tangible, innovative economic growth is important in order to increase jobs, revealing that measures to boost the domestic economy will be included in the government’s economic policies for the second half of the year. 

Kim also expressed unease about the deepening trade war between the U.S. and China, which is dealing a hard blow to the global economy. 

He said that the trade conflict between the two economic powers will likely pose serious risks to the export-driven South Korean economy, as it is heavily dependent on external factors and the U.S. and China are its major export markets.

[Photo : KBS News]

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