The Moon Jae-in government came up with a new economic policy paradigm putting the livelihood of the people first and boost the sluggish economy through the raise of household income and the increase of jobs as a new growth engine, shifting from the old economic policy paradigm relied on the big businesses, manufacturing industry and trade pursued by the former governments which resulted in the low economic growth and wealth polarization. The new government raised the GDP growth rate target to 3 percent for this year.
President Moon Jae-in presided over the first cabinet meeting held on July 25 in the presidential office with full cabinet members appointed by himself since his inauguration on May 10, that deliberated and decided the new economic policy paradigm.
reported by Kim Bong-seok
translated by Kim Sung-jin
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