Anchor: The South Korean government forecasts the economy to expand by two-point-four percent next year, vowing to focus on achieving an economic rebound and raising the country's growth potential to ensure the growth rate. At an economy-related ministers' meeting led by President Moon Jae-in on Thursday, the government cited recoveries in the global economy, the semiconductor industry and domestic demand as reasons for raising the growth forecast.
Choi You Sun reports.

Report: The South Korean government has set its growth outlook for the coming year at two-point-four percent, vowing all out efforts to vitalize investment. 

Finance Minister Hong Nam-ki and other key economy-related officials on Thursday presented their 2020 policy reports to President Moon Jae-in. 
 
[Sound bite: Finance Minister Hong Nam-ki (Korean)]
"In the year 2020, our economy will create bouncing momentum to see overall improvements from this year. Accordingly, the government has raised its growth forecast by point-four percentage points from this year to two-point-four percent while consumer prices will grow to one percent... Finally, exports next year will escape negative growth to see a rise of around three percent. Accordingly, the current account surplus will grow to 59-point-five billion dollars from 58 billion dollars."  

The government cited improving external conditions and a recovering semiconductor sector.

To achieve the target growth rate, the government will encourage investment of up to 100 trillion won, or around 86 billion U.S. dollars, from both the public and private sectors. 

A total of 23-point-two trillion won has been set aside next year for state infrastructure projects to help revive the construction industry.

President Moon at the meeting stressed that the public must be able to feel the impact of the administration's economic policies next year. 

[Sound bite: President Moon Jae-in (Korean)]
"Next year is the year our administration's policies should start generating results. Although we have all worked very hard, I ask everyone to renew their determination in preparing for the crucial moment ahead."
"There still are many people who can’t feel the results. We need to increase public trust in the government's policies. Moreover, the quality of jobs should improve. We need to end the employment slump among those in their 40s and in the manufacturing sector." 

In a bid to encourage domestic spending, all major airports will house duty free shops at arrival terminals and lodging expenses will be included in income tax deductions.

In preparations for the post-semiconductor era, the government will support the country's 5G-related industries and cut red tape in next-generation growth engines like the biohealth industry.

During the first quarter of 2020, the government plans to introduce measures to create more jobs for people in their 40s, as well as a comprehensive roadmap amid the country's growing number of single-person households.
Choi You Sun, KBS World Radio News.