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JOB CREATION, BIZ INVESTMENT KEY GOALS FOR S. KOREA IN 2007.
SEOUL, Jan 1 Asia Pulse - Creating more jobs and boosting business investment are key goals for South Korea in 2007, the country's top economic policymaker said Monday.
In a press conference to mark the start of the new year, Minister of Finance and Economy Kwon O-kyu said the country faces a set of challenges and opportunities in the coming months.
"The global economy, led by the United States, is expected to post weaker growth compared to last year, while domestic consumption is likely to be checked as well," Kwon said.
A weak global economy is bad news for a country that relies heavily on trade for growth, while consumption remains sluggish as the country begins to feel the pinch from high crude oil prices and unfavorable trading conditions.
"Waning consumption late last year and the economy's inability to create a sufficient number of jobs reflects these developments," Kwon told reporters.
The number of jobs created last year stood at around 300,000, down from 350,000 that Seoul said could be created early in the year.
Kwon said to remedy the lack of new jobs, efforts are underway to improve the competitiveness of the service sector.
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Source: HighBeam Research, JOB CREATION, BIZ INVESTMENT KEY GOALS FOR S. KOREA IN 2007.