S. Korea to focus economic policy on private sector: minister

SEOUL, Dec. 26 (Yonhap) -- South Korea will focus its policy efforts next year on boosting the private sector to make more people feel the impacts of the recovering economy in their daily life, the finance minister said Thursday.

The government plans to unveil this week the economy management plan for 2014, which is expected to provide broad directions for its main policies and economic forecasts including growth outlooks.

"In order to place the economy onto a solid growth track, we will carry out policies next year with a focus on boosting the economy and stabilizing people's livelihood," Finance Minister Hyun Oh-seok told a meeting with other economy-related policymakers in Seoul.

"In particular, we will work hard to have the momentum for economic recovery we have built up this year through additional budget and other government-led efforts spill over into the private sector," he added.

Hyun said major indicators are pointing to an improvement in the overall domestic economic conditions but expressed worry that the private sector recovery, including domestic demand, is not solid enough and the employment situations for women and younger people remain tough.

"The warmth in our economy should be felt through the livelihood of ordinary people," he said. "To that end, we will double our efforts to create jobs, strengthen growth engines and improve our economic fundamentals."

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