President Moon Announces “Korean New Deal”

What I find of interest from President Moon’s plan is that the government is not going to fund major infrastructure projects but instead digital projects and small neighborhood projects:

President Moon Jae-in proclaimed a “Korean New Deal” on Wednesday to create jobs in the wake of the coronavirus outbreak.  

He also announced that the government plans to give 1.5 million won ($1,200) to people who lost their jobs but aren’t covered by employment insurance, which has never been done before.

Preventing layoffs and creating jobs have become the top priority of the government with job losses hitting their highest numbers in a decade.  

During the government’s fifth economic emergency council meeting on Wednesday, Moon promised a Korean New Deal.  

“New Deal jobs should not be temporary positions but innovative growth projects that will continue through the post-Covid-19 era,” Moon said. 

“The government has to boldly push forward major projects that would create new jobs.”  

According to Finance Minster Hong Nam-ki, the Korean New Deal projects will be digital, have jobs that don’t have much face-to-face contacts and also include small neighborhood public projects.

Joong Ang Ilbo

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