Kang Man-soo, Korea’s finance minister, says: “Heavy regulations, higher tax rates and distribution-oriented policies have reduced investment and consumption. It’s time to revitalize the Korean economy.”
For that reason, he adds, the government has drawn up a new economic programme – colloquially termed MBnomics after the president’s initials – that will seek to foster economic growth driven by pragmatic but market-friendly policies.
Speaking at an investor presentation in London last month, Kang said that MBnomics had seven core principles including competition, policies based on economic rationale rather than political consideration and regulatory reform.
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