Economy

South Korea ministers promise to boost economy By Stocksak


© Stocksak. FILE PHOTO Hanjin Shipping’s container terminal can be seen at Busan New Port in Busan. It is located approximately 420km (261 miles) southeast Seoul, August 8, 2013. REUTERS/Lee JaeWon/File photo

SEOUL (Stocksak), South Korea’s government has announced that it will relax regulations in the housing and support policy for the shipbuilding and rechargeable batteries sectors. This is to offset the rising downside economic risks.

After central bank estimates showed that Asia’s fourth-largest economic sector experienced its slowest growth in a single year, the ministers made the pledges at a rare televised meeting of Ministers led by President Yoon Suk-yeol.

Financial restrictions on the housing market will be removed to encourage housing transactions. This includes raising the maximum mortgage borrowing limit in the capital to 50%, as opposed to 20% currently.

At the meeting, the industry minister stated that his ministry would announce support measures as soon as next month in order to strengthen the global leadership of the country’s rechargeable battery producers.

According to the land minister, his ministry will intensify efforts to win more construction projects in energy-producing countries following the rise in global energy prices.

Yoon, who is suffering from low public support ratings in opinion surveys as the economy loses momentum and Yoon has hosted similar meetings often since taking office in May. However, this was the first televised meeting.

Finance Minister Choo Kyungho pointed out that South Korea’s heavily export-dependent economy faces growing risks due to high interest rates, strong dollar and skyrocketing inflation around the world.

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