The following are key economic policy plans unveiled by the finance ministry Monday for 2015. The measures are centered on pushing forward structural reforms to improve the country's economic health and risk management.

Economic forecasts 

- Annual growth forecast downgraded from 4 percent to 3.8 percent in 2015 to reflect lingering economic uncertainties, weaker-than-expected consumer spending and investment. Growth figures for 2014 marked down from 3.7 percent to 3.4 percent.

- Job creation to reach 450,000 down in 2015, down from 530,000 forecast for this year. Employment figures for people between 15 to 64 to reach 66.2 percent, up from 65.3 percent this year.

- Current account surplus to hit US$82 billion in 2015 compared to $89 billion in 2014, inflation to rise to around 2 percent from 1.3 percent forecast for this year.

Structural reforms

- Concerted efforts to improve public sector efficiency, reduce waste and push reforms in pension for government employees, the military and private schools.

- Vitalize financial sector through competition and set up of safeguards to permit creation of large investment funds. Reform foreign exchange rules to reduce inconvenience for people and businesses.

- Make labor market more flexible and use free trade agreements (FTAs) to attract more foreign workers. Reform current visa system to make it easier for skilled foreigners to reside in country with family members.

- Train workers to meet requirements of businesses. Formulate long-term plan to start school year in September to better meet movement of people across borders. (Only South Korea, Japan and Australia begin new school year in the spring.)

Bolster economic vibrancy 

- Maintain expansionary macroeconomic policy stance by frontloading 58 percent of next year's budget in the first half.

Inject 15 trillion won remaining in the 46 trillion won public organization investment package as soon as possible.

- Improve overall economic conditions to get people to spend more. Encourage wage increases to boost household earnings, mark up minimum wages. Strengthen the rights of shareholders and raise dividend payments. Encourage people to find work abroad and expand job training to push up national employment numbers to 70 percent.

- Expand tax breaks in R&D by small and medium enterprises (SME) and set up a new 30-trillion-won investment scheme.

- Deal firmly against unfair trading practices that can discourage foreign investments and offer more incentives to foreign companies and South Korean firms returning to Korea. Swift ratification of FTAs with China, Vietnam and New Zealand, take active part in trilateral open trade negotiations with China and Japan, participate in the Regional Comprehensive Economic Partnership, Trans-Pacific Partnership and Free Trade Area of the Asia-Pacific talks.

- Build up competitiveness of SMEs and service sector through incentives and tax benefits. 

- Vitalize the housing market by lifting restrictions on lands barred from development, give incentives and tax benefits to home rental businesses.

Risk management 

- Stabilize mounting household debt by converting existing household loans to long-term fixed interest rate arrangements.

Closely monitor household debt and keep tabs on ability to pay back debt.

- Allow market-friendly corporate structural reforms, change tax and administrative rules to promote mergers and acquisitions.

- Ensure quick response to sudden changes in the international financial market and build up capacity to deal with any large-scale outflow of capital. Strengthen ties with foreign countries to better manage financial emergency situations.

Inter-Korean projects 

- Successfully host the Greater Tumen Initiative's meeting in Seoul and increase the number of member countries in the group.

- Improve business conditions at the Kaesong Industrial Complex and support sales of products made there to China.

- Systematically build up public support for unification, find projects with international organizations that can include North Korea.

- Engage in projects that improve living environment in North Korea, help the disadvantaged and finds cross-border projects in farming, fisheries and forestries.

- Improve support for people that flee North Korea. (Yonhap)