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President Park says easing regulations is key to economic revitalization

Updated: 2013-12-27 PM 10:41:25 (KST)
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President Park has called on her top economic officials to continue focusing on economic revitalization next year.

"We should do our best to keep the embers of economic revitalization burning so that all of the people can feel the warmth of the economic recovery by next year, and so that the basic fundamentals of our economy continue to strengthen."

In a meeting with related ministers on Friday, President Park stressed that the key to boosting the domestic economy lies in easing regulations on the country's five major service industries -- health, education, tourism, finance and software -- and on foreign investment, which stands below the OECD average.
In particular, she emphasized the importance of fostering the service industry, as the sector is a source of new jobs.
The president also asked the ministers to continue supporting small- and mid-sized firms and the local economy.
Systematically reducing the level of household debt in the nation is another area of focus as it restrains consumer spending.
To that end, President Park ordered the economy-related ministries to ease regulations in the housing market.
Measures are to include lifting a heavy transfer tax on the owners of multiple homes, to boost the number of housing transactions, providing more rental housing and expanding income tax deductions for those on monthly rent.
Of course, the president didn't leave out job creation.

"President Park called for policy efforts to boost employment, especially for women and the younger generation. Some of the ideas put forth by her included setting up a recruiting system that doesn't evaluate applicants based solely on their educational background and expanding flexible part-time jobs.
Eoh Jin-joo, Arirang News."

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bartektodde (USA) DEC 29, 2013    

Regulations are put in place for a reason. They regulate to protect.

"...that all of the people can feel the warmth of the economic recovery by next year," (Sounds for U.S. presidents Ronald Reagan's "trickle down Reagonomics" that didn't happen.)

"...ease regulations in the housing market." (Does this mean making house loans to poor people who can't afford it like the U.S. did and had to have a bailout?)