The Yoon Suk Yeol administration has unveiled a blueprint for its economic policies for the next five years.

Related ministries on Thursday jointly announced their economic policy direction for the new government, which includes encouraging a private sector-led growth to overcome high inflation and expanding uncertainties at home and abroad.

The government also lowered its growth forecast for this year to two-point-six percent from three-point-one percent in December and raised the inflation outlook to four-point-seven percent from two-point-two percent.

It will cut maximum corporate taxes from 25 to 22 percent in a bid to boost corporate investment and job creation.

It also plans to offer broader tax incentives for investments in innovative sectors such as semiconductors.

The policy road map also centers on bold deregulation aimed at removing red tape and maximizing creativity in the market.

In order to facilitate growth in the capital market, the government will postpone taxation on capital gains from stock transfers for two years while also reducing taxes on stock transactions.

Authorities also plan to supply more than two-point-five million houses while easing tax burden on real estate holdings.

First-time home buyers will be able to take out loans of up to 600 million won, a sizable increase from the current 400 million.