The government decided Thursday to designate a temporary holiday next week in an effort to boost domestic consumption that is critical for economic growth.

The decision to designate May 6 a temporary holiday was reached at the Cabinet meeting chaired by President Park Geun-hye. This would allow people to take four days off in a row next week as South Korea celebrates Children's Day on Thursday.

The government said highway tolls across the country will be exempted and major palaces and other tourist sites will be open to the public for free.

The move is in response to a request made by the Korea Chamber of Commerce & Industry (KCCI) which had asked the government to allow the holiday, citing positive economic outcomes after Aug. 14 was designated a temporary holiday in 2015. South Koreans were allowed that day off since Independence Day on Aug. 15, which is a public holiday, fell on a Saturday.

The KCCI claimed that giving people the next day off following the public holiday would fuel private consumption.

Korea's largest business association in terms of members argued that the extended holiday weekend would create an even greater economic impact than last year because the government is already promoting tourism during the first two weeks of May.

It marks the 58th time that South Korea's government has designated a temporary holiday. (Yonhap)