Government raises this year's growth forecast to 3%, but employment remains sluggish

The government raised this year's real gross domestic product (GDP) growth forecast from 2.0% to 3.0%. The midyear economic growth strategy announced at the Cabinet meeting on the 14th also included the '3·4·5' vision, which aims for a '3% potential growth rate, top 4 in exports, and per capita national income of $50,000' during the Lee Jaemyung administration's term. The government expects export growth, facility investment, and private consumption to improve together. In particular, exports are forecast to increase by 40.0% this year, and facility investment is also expected to rise by 5.0%. The current account growth forecast was sharply raised to 12.3%, and accordingly, the national debt ratio forecast was lowered to 47.0%. However, employment improvement is expected to lag behind the pace of growth. The government projected an increase of 150,000 employed persons this year, lowering the previous forecast by 10,000, and predicted that the employment rate would remain at around 63%, the same as last year. Youth employment is even weaker, with the youth employment rate continuing to decline and the number of young people who are 'resting' continuing to rise.