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South Korean Finance Ministry offers growth outlook at 1.6%

The Korean government has vowed to bring back the economy, speeding up regulatory reforms on real estate and financial markets. Deputy Prime Minister and Finance Minister Choo Kyung-ho said the four pillars of the state’s economy management will be freedom, innovation, fairness, and solidarity. Choo said Korea has been showing good performance, maintaining a relatively low inflation rate compared to major countries, showing more potential growth and recording high employment. However, Choo said, the economy is still facing difficulties from circumstances in and out of the nation. Next year, he said, crises from overseas will come in full swing for the local economy and difficulties will continue. The Finance Ministry expects the economic growth rate to fall to 1.6% next year amid the woes of a global recession and high interest rates.


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