South Korea's Park vows to rebalance export-led economy
SEOUL (AFP) - South Korean President Park Geun Hye on Tuesday unveiled a three-year plan to rebalance the export-reliant economy, investing US$3.7 billion (S$4.7 billion) in start-ups, boosting domestic spending and getting more young people and women in the workforce.
Ms Park said the plan - announced on the day she completed her first year in office - would deliver a potential economic growth rate of at least four per cent by 2017.
"Our past... way of growth that made us one of the world's 10 largest economies has now reached its limit," Ms Park said in a national televised speech.
Asia's fourth-largest economy faces a widening imbalance, with the export and manufacturing sector - led by all-powerful conglomerates - totally overshadowing the domestic consumer market and services industry, she said.