<br />The South Korean government has released its latest projections for the nation's economy.... and its economic policy plans for the latter half of the year.<br /><br />The finance ministry has cut its growth forecast for 2018 to two-point-nine percent, down zero-point-one percentage point from its three percent projection made earlier this year. <br /><br />The ministry lowered its forecast for next year to two-point-eight percent.<br /><br />t also slashed its annual job growth estimate by about half....to 180-thousand newly-added jobs, citing relatively low consumption and investment.<br /><br />To help support the economy, the government said it will focus on job creation, income redistribution and regulation reform.<br /><br />In addition, to cope with potential side effects on lower-income earners from this year's and next year's hefty minimum wage hikes, the government said it will expand earned income tax credits and hike the basic pension for the elderly.<br />
