Finance minister Choo Kyung-ho has announced that the government will launch a “New Growth 4.0 Strategy” next year to foster economic growth.

The minister introduced the plan during a meeting of economy-related ministers on Wednesday, noting visible signs of a slowdown in the real economy due to contracting growth in the global economy and a slump in the chip market.

The minister assessed that eased upward pressure has pushed inflation past its peak, but it is likely to stay high for the time being and job growth is expected to slow significantly due to a base effect.
 
To ride out the crisis, the government plans to implement a strategy establishing new growth engines in high-tech industries.

Minister Choo said that the government will identify and pursue key projects in the areas of high-tech sectors and the digital transition, while improving state support systems in research and development, finance and deregulation as well as cooperation with other countries.

As for the economic policy for next year, the minister said that the government will focus on overcoming the crisis and raising the country to a higher level by dealing with economic risks and changes proactively.