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Experts: RoK finds it hard to achieve 3 percent growth

The Republic of Korea is expected to face difficulties in achieving an annual economic growth of 3 percent this year, experts have said.
Hanoi (VNA) – The Republic of Korea isexpected to face difficulties in achieving an annual economic growth of 3percent this year, experts have said.

The Bank of Korea - the central bank - haspredicted that the nation’s economy could expand by 2.6 percent in 2017,compared with 2.8 percent in 2016.

The RoK Ministry of Strategy and Finance saidministries are hoping the government to increase the spending by 6 percent in 2018to better ensure social welfare, education, and research and developmentprojects.

The government aims to spend 141.1 trillion wonon public welfare, health and employment in 2018, up 8.9 percent from thisyear.

State spending on education is set to increase 7percent year-on-year to 61.4 trillion won, but environmental and culturalspending will shrink 3.9 percent and 5 percent to 6.6 trillion won and 6.5trillion won, respectively.

Meanwhile, the RoK’s budget for nationaldefence is expected to rise 8.4 percent to 43.7 trillion won in 2018. -VNA

VNA
#Republic of Korea #RoK #economic growth #Bank of Korea #spending #public welfare #health #employment #education Korea (RoK)
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