S. Korea Raises 2024 Economic Growth Outlook to 2.6%

Anchor: The government on Wednesday raised the country’s economic growth outlook for 2024 to two-point-six percent, on the back of solid export figures and a global economic recovery. Still, with the perceived economy still not affected by the positive figures, the government has announced it will inject 25 trillion won, or nearly 18 billion U.S. dollars,  in support measures for small businesses.
Max Lee has more.

Report: South Korea raised its economic growth outlook for 2024 to two-point-six percent on Wednesday, up from its January forecast of two-point-two percent.

The Ministry of Economy and Finance released a report on its economic policy direction, where it cited the strong recovery in exports throughout the second half of the year, thanks to the gradual growth of the global economy and the semiconductor industry gaining momentum.

However, the report said that the perceived economic conditions are said to be limited due to slower domestic recovery compared to exports.

President Yoon Suk Yeol on Wednesday also presided over a meeting on economic policy directions for the second half of the year and highlighted the government’s plans to allocate 25 trillion won in support measures for small businesses.

The support comes as the president said improvements in the economic indexes and global assessment of the Korean economy are not leading to vitality in people’s livelihoods, calling for efforts to address the issue and structural problems related to people’s livelihoods. 

With this, approximately five-point-six trillion won will be injected into the cost of living and price stability.

The limit of living expense loans provided to the unemployed and non-regular workers will be increased from 10 million won to 15 million won per person, while ’emergency medical expense support’ will also be expanded.

To stabilize prices of agricultural and marine products, the government announced it would apply tariff quotas to 51 agricultural products and expand contract farming for apples and pears, which have seen significant price increases.

The government also announced it will minimize the factors that increase the cost of utility fees, and ease the burden on the public by dispersing or delaying the fee hikes in case of unavoidable events.
Max Lee, KBS World Radio News.