The government of South Korea has announced plans for a multi-trillion won “new deal” stimulus package which will target digital technologies such as AI, 5G and blockchain. The “new deal” aims to tackle the Korean economic crisis triggered by COVID-19 while laying the “groundwork” for long-term prosperity.
Korea’s already-faltering economy was hit hard by the pandemic, and youth unemployment now stands at 10%. In justifying the “new deal”, President Moon Jae-in characterized Korea as a “follower economy”, “unequal society” and carbon-reliant nation in desperate need of reform from the ground up.
He framed the program as one that will revitalize Korea in the long-term and transform it into a global “pacesetter”. Moon estimated that the ambitious project will cost 160 trillion won ($133 billion) over 5 years and create 1.9 million new jobs.
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