Policy Issue
Economic Policies for the Second Half of 2023
Aug 2023
Korea’s economic conditions are gradually improving thanks to the government’s all-out efforts to implement private sector-driven economic policies and respond to cross-cutting global crises.
Although this year’s annual growth rate is projected to be lower at 1.4 percent than the initial forecast because of sluggish performance in the first half of 2023, economic growth in the second half is anticipated to double that of the first half, driven by the recovery in the IT industry.
Based on these assessments of the current economic situation, the government has drawn up the following four major directions of its economic policy for the second half of 2023:
(1) Enhancement of economic vitality,
(2) Stabilization of livelihoods,
(3) Improvement of fundamental economic structures,
(4) Expansion of social bedrock against future challenges.
* For further details, please refer to the attached file
Although this year’s annual growth rate is projected to be lower at 1.4 percent than the initial forecast because of sluggish performance in the first half of 2023, economic growth in the second half is anticipated to double that of the first half, driven by the recovery in the IT industry.
Based on these assessments of the current economic situation, the government has drawn up the following four major directions of its economic policy for the second half of 2023:
(1) Enhancement of economic vitality,
(2) Stabilization of livelihoods,
(3) Improvement of fundamental economic structures,
(4) Expansion of social bedrock against future challenges.
* For further details, please refer to the attached file
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