South Korea Pledges Growth Support amid Weakening Global Economic Outlook

The South Korean government on Wednesday announced plans to provide policy support and deregulation to stimulate the economy, which it expects to grow more slowly than predicted next year.

The government forecast that the economy’s growth would decrease to 1.6% in 2023, down from estimated 2.5% this year.

Finance Minister Choo Kyung-ho explained the revised growth projection by citing the deteriorating global economic outlook.

In order to ensure a smooth landing, the government pledged tax cuts and looser regulation of the real estate industry.

The government also promised to provide policy and financial support to boost exports, estimating that foreign sales would dip 4.5% next year after increasing 6.6% this year.