The South Korea Finance Ministry plans to focus on consolidating the ongoing economic recovery and also lay the foundation for a more sustainable growth. The finance ministry, in a report presented to President Roh Moo-hyun, said that the domestic economy is recovering from its recession, seen in the past two years. The ministry’s report said that the growth is balanced between domestic consumption and exports.
The finance ministry further said that it would implement expansionary economic policies to consolidate economic recovery. The ministry also plans to support low-income earning citizens, generate more job opportunities and support the growth of the service sector. The South Korean government targets a GDP growth rate of 5% in the current year.