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Gov't Announces Korean New Deal Initiative to Cushion Economic Impact of COVID-19

Write: 2020-06-01 16:40:51Update: 2020-06-01 17:24:02

Gov't Announces Korean New Deal Initiative to Cushion Economic Impact of COVID-19

Photo : YONHAP News

Anchor: In its latest packages of measures to cushion the economic impact of COVID-19, the Moon Jae-in administration has announced a 76-trillion-won Korean New Deal initiative designed to create jobs through digitization and green growth projects.
Choi You Sun has the details.

Report: At an emergency economic meeting led by President Moon Jae-in on Monday, the government decided to inject 76 trillion won into a fresh set of economic measures dubbed the "Korean New Deal" over the next five years.

The project is aimed at helping the nation overcome the fallout from the COVID-19 pandemic and to secure new growth engines in the post-coronavirus era.

The scheme will focus on digitalization and green growth, through which the Moon administration plans to create some 550-thousand new jobs by 2022. 

Digital-based initiatives will involve establishing a big data platform, transferring to 5G networks, setting up wifi in schools and public facilities, and enhancing the country's noncontact medical infrastructure. 

Under the green growth part of the initiative, public housing, daycare facilities and public health centers will be refurbished with high-efficiency insulation and ventilation, and smart grids will be set up for public water and electricity supplies.

Various tax incentives were also announced such as abolishing a one-million-won cap on consumption tax cuts for car buyers and expanding tax credits for facility investment by businesses.

Expanded tax breaks and state subsidies are also in the works for local companies that relocate their production lines back home.
Choi You Sun, KBS World Radio News.

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