The South Korean government forecast growth of three-point-two percent in 2021, up over four percentage points from this year's projected growth of minus one-point-one percent.

At a meeting presided over by President Moon Jae-in on Thursday, the National Economic Advisory Council predicted growth to be buoyed by a rebound in exports, which are expected to grow by eight-point-six percent on-year next year, up from a contraction of six-point-two percent this year.

While private spending will likely increase three-point-one percent, the government has rolled out measures to encourage more consumption.

Seoul will offer an additional income tax deduction on credit card spending exceeding this year's amount, and a six-month extension on a 30-percent reduction in auto consumption tax until June 2021.

Some 50 billion won will be injected to provide a cash refund on energy-efficient home appliance purchases, and the issuance of regional gift certificates will be increased next year.

Some 150-thousand people are expected to find jobs in 2021, but the government warned that the pace of recovery in employment will fall short of the overall recovery in the economy.

The government will introduce an internship project for 100-thousand young people and create one-point-04 million jobs in the public sector.

In a bid to propel the economy forward post-pandemic, state support will be directed toward three key future-oriented areas - future cars, system semiconductors and biohealth.