Korea aims to attract 150,000 professional workers from abroad by 2035, more than doubling the number from 72,000 in 2023, seeking to enhance productivity amid a shrinking working-age population, according to the government, Wednesday.
Asia’s fourth-largest economy also aims to establish the world’s most extensive network of free trade agreements (FTAs) by 2027. This strategy is intended to create a resilient international business network amid intensified global competition for strategic materials and fragile supply chains.
These plans are part of the “Dynamic Korea Roadmap,” a comprehensive set of long-term policy goals jointly announced by the Ministry of Economy and Finance and relevant ministries, Wednesday, to address Korea’s weakening growth momentum.
These plans are being implemented as Korea’s annual gross domestic product (GDP) growth rate is anticipated to decline to the 1 percent 안전 range in the coming years, and potentially below 1 percent after 2035. Despite this projection, the finance ministry has revised up this year’s growth outlook to 2.6 percent from 2.2 percent.
“Korea is struggling with a sharp fall in the potential growth rate, after achieving unrivaled economic expansion with the ‘Miracle on the Han River,’” First Vice Finance Minister Kim Byoung-hwan said in a preliminary press briefing.
The “Miracle on the Han River” refers to Korea’s rapid economic development after the Korean War.
He emphasized that a comprehensive structural reform is crucial to establish “a virtuous cycle of economic growth and social mobility.” He added that such reforms would enhance the quality of life and ensure long-term economic sustainability.
“In that regard, I believe the roadmap will be serve as a guideline for us to counter structural problems, as well as a starting point for fundamental economic reforms.”
