Cabinet members to hold talks on boosting domestic demand

High-ranking South Korean policymakers will gather for a workshop later this week to discuss measures aimed at boosting domestic demand, the nation's top economic policymaker said Wednesday.
The two-day workshop will start on Friday with the president and all Cabinet members attending to exchange views and new ideas on how to bolster domestic demand, Finance Minister Bahk Jae-wan said in a press release after meeting with other policymakers.
"We will have an in-depth discussion during the gathering about how to boost domestic demand related to the livelihoods of ordinary people," he said, calling for other policymakers to come up with ideas on the issue.
The workshop comes amid continuing efforts by the government to bolster domestic demand in a way to minimize the impact of external shocks on its export-driven economic growth.
Bahk noted that the imbalance between domestic demand and exports has widened further following the latest global financial crisis, referring to the nation's heavy dependence on trade for its economic growth.
Officials said that the two-day workshop could produce precious ideas for the government's efforts to boost domestic demand. They could also be reflected in the second-half economy-management plan to be unveiled by the finance ministry later this month, they added.