정부, 경기 부진에 올 성장률 전망 2.9%로 하향 조정

For the second half of this year, the South Korean government has lowered its economic growth forecast to 2-point-9 percent.
This biannual report had projected 3 percent when it came out at the end of last year.
It also includes plans to create jobs, give a bigger tax credit to those making the least money... and boost pensions.
Our Kim Hyesung reports.
The government has cut its growth forecast for 2018 to two-point-nine percent, down from its three-percent projection last December,...and in line with the Bank of Korea's revised growth forecast released last week.
At the same time, the government slashed its annual job growth estimates by around half....from 320-thousand to 180-thousand newly-added jobs, citing relatively low consumption and investment.
This comes after recent data showed that a monthly average of 142-thousand new jobs were added in the first half of this year, marking the slowest job growth since the 2008 global financial crisis.

"There's growing uncertainty in global trade and the financial market due to the U.S.-China trade spat and global monetary policy normalization. If we do not make efforts to solve the current situation, difficulties in growth and jobs will continue. Economic growth could slow down. Job growth and income distribution may not improve in the short term."

To help boost the local economy, Finance Minister Kim said the government will focus on job creation, income redistribution and regulation reform.
The government plans to increase fiscal spending by 4 trillion Korean won, or about 3-point-five billion U.S. dollars within its existing budget by re-allocating money from some of its state-managed funds.
For an improvement in income-redistribution, the government will support low-income earners by expanding earned income tax credits and hiking the basic pension for the elderly in the bottom 20 percent income bracket.
Kim Hyesung, Arirang News.