South Korea's economy needs critical growth momentum to mount a sustainable expansion going forward, the country's chief economic policymaker said Wednesday, stressing that innovative growth is crucial in that context.
In a speech to businessmen, Finance Minister Kim Dong-yeon said Asia's fourth-largest economy is at a crossroads. "Last year, our economy achieved 3 percent economic growth, and what should be done at the moment is to create critical momentum (for our economy)," Kim said.
The minister said the current economic system and mindset do not guarantee sustainable growth and a jump in national income.
Finance Minister Kim Dong-yeon. (Yonhap)
"That's why smaller firms and conglomerates should pursue innovation and make our economy more vibrant," he said.
He said the government would provide more support to startups and redouble efforts for deregulation, which are vital to the country's innovative growth.