The government has raised its economic growth outlook for this year and next year to three percent in consideration of global economic recovery, growing exports and the effects of the extra budget.
 
The government revised up its growth estimates on Tuesday during a Cabinet meeting and approved its new “people-oriented” economic policy.
 
The government said that it will seek a paradigm shift in economic policy that focuses on the people, noting the lack of investment in people has caused economic polarization.
 
To realize the “people-oriented” economy, the government plans to boost household income through job creation and reducing living costs.
 
To that end, the government will first have all qualified employees apply for employment insurance, and expand the coverage of the unemployment benefit system to the level of the Organization for Economic Cooperation Development by 2022.
 
The government projected the annual number of new hires to reach 340-thousand this year. It also expected exports to increase ten-point-two percent and consumer prices to rise one-point-nine percent this year.