In budget speech, Moon says time for full-scale push to revitalize economy

SEOUL, President Moon Jae-in declared a full-fledged policy drive Wednesday for the clear recovery of South Korea’s economy, coupled with the firm stabilization of the COVID-19 situation here.
In his parliamentary speech on the state budget, Moon assured lawmakers that the government would create a record high budget, proposed for 2021, with a focus on creating jobs, reinvigorating the economy and winning the fight against the coronavirus. His administration has drawn up a 555.8 trillion-won (U$469.8 billion) budget bill, a 8.5 percent hike from this year.
“It’s time to operate full-scale measures to invigorate our economy to put it on a normal track starting next year,” he said during the annual address at the National Assembly.
He described a clear economic recovery and a win in the antivirus fight as “two rabbits” that South Korea should catch at the same time without fail.
“First, (the government) will put its priority on a quick and strong economic recovery,” Moon said regarding the direction of the government’s fiscal operation plans.
He emphasized the importance of maintaining and creating jobs, saying it’s a starting point for an economic recovery, as well as the most important issue associated with people’s livelihoods.
The president stressed the need to continue expansionary fiscal policies, but he pledged no negligence in efforts to maintain fiscal soundness apparently through a “bone-cutting” restructuring of budget expenditures.
On North Korea, he vowed an “incessant” push for dialogue to achieve the denuclearization of the peninsula and lasting peace on the basis of a strong national defense posture.

Source: Yonhap News Agency

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