The chief of a major Korean business lobby on March 6 urged the government to take a multi-pronged approach to help tackle low growth and the widening income gap facing the country.
In a statement sent to a conference held by Sustainable Growth Initiative, a think tank set up by the Korea Chamber of Commerce and Industry, Chairman Park Yong-maan called on the government to expand the social safety net and draw up a long-term welfare spending plan to seek growth, narrow the income gap and generate jobs.
“Future growth and jobs will be possible only when companies in the private sector actively innovate and the government shares the risks and costs which may come with innovative programs by strengthening the national social safety net,” Park said.
He also warned against government-led development projects, saying they are not long-term solutions that strengthen the country’s economic fundamentals.
By Ram Garikipati and newswires (firstname.lastname@example.org)