Gov't to speed up process of drawing up extra budget: Finance minister
- 5 years ago
홍남기 "수출 당분간 녹록지 않아…추경으로 신속히 경기보강"
There have been growing concerns about the South Korean economy...with the total amount of exports falling for 4 consecutive months.
To this, the finance minister once again pledged fiscal support... to help revitalize the nation's economy.
Our Ko Roonhee reports.
South Korea's finance minister has announced that the government will move faster to draw up an extra budget to boost the economy.
This comes after the ruling Democratic Party, the government and the Blue House agreed last week on the need for an extra budget to manage economic downside risks and to do something about fine dust pollution.
The government plans to submit the budget to the National Assembly by April.
Speaking Monday at a meeting of ministers related to the economy, Minister Hong laid out the urgent issues the country faces.
For instance, the head of the IMF warned last week that global economic growth has lost momentum... and that 70 percent of the world economy is likely to slow down this year.
Trade figures aren't looking great either.
The WTO announced on the same day... that world trade is expected to grow by 2-point-6 percent this year,... which is sharply down from an earlier forecast of 3-point-7 percent.
Slower growth will likely hit Korea's export-based economy, so Minister Hong promised to come up with new measures to promote innovation in traditional industries like shipbuilding and autos.
And speaking of innovation, the government also announced that Korea will join WTO talks on e-commerce in May or June this year... along with around 70 other countries.
This will create international trade norms in the field... which will help boost Korea's exports, especially for small and mid-sized businesses.
Ko Roon-hee, Arirang News.
There have been growing concerns about the South Korean economy...with the total amount of exports falling for 4 consecutive months.
To this, the finance minister once again pledged fiscal support... to help revitalize the nation's economy.
Our Ko Roonhee reports.
South Korea's finance minister has announced that the government will move faster to draw up an extra budget to boost the economy.
This comes after the ruling Democratic Party, the government and the Blue House agreed last week on the need for an extra budget to manage economic downside risks and to do something about fine dust pollution.
The government plans to submit the budget to the National Assembly by April.
Speaking Monday at a meeting of ministers related to the economy, Minister Hong laid out the urgent issues the country faces.
For instance, the head of the IMF warned last week that global economic growth has lost momentum... and that 70 percent of the world economy is likely to slow down this year.
Trade figures aren't looking great either.
The WTO announced on the same day... that world trade is expected to grow by 2-point-6 percent this year,... which is sharply down from an earlier forecast of 3-point-7 percent.
Slower growth will likely hit Korea's export-based economy, so Minister Hong promised to come up with new measures to promote innovation in traditional industries like shipbuilding and autos.
And speaking of innovation, the government also announced that Korea will join WTO talks on e-commerce in May or June this year... along with around 70 other countries.
This will create international trade norms in the field... which will help boost Korea's exports, especially for small and mid-sized businesses.
Ko Roon-hee, Arirang News.