SEOUL– The office of President Yoon Suk Yeol said Friday the government will do its best to overcome the economic crisis even though it is dissatisfied with the rival parties’ compromise over next year’s budget.

The ruling People Power Party (PPP) and the main opposition Democratic Party (DP) reached the compromise Thursday, weeks after the Dec. 2 legal deadline for the budget’s passage, and are scheduled to pass it through the National Assembly later Friday.

Under the agreement, the parties decided to cut the corporate tax rate by 1 percentage point in each of the four tax brackets, which would bring the highest tax rate of 25 percent down to 24 percent.

The government and the PPP had initially called for a 3 percentage-point cut, claiming the country’s high corporate tax has hampered investment by major companies, while the DP rebutted that a 3 percentage-point cut would only benefit the superrich.

“Although there was no choice but to agree, given the tough economic conditions of the people and concern about our international credit standing, it is a shame,” deputy presidential spokesperson Lee Jae-myoung said during a press briefing.

“We had tried to create more jobs for the people and invest more finances to revitalize the economy, but the budget for people’s livelihoods was diminished under a larger force,” he continued, referring to the DP’s majority in parliament.

“It is concerning whether we will be able to overcome the economic crisis like this, but the Yoon Suk Yeol government will silently do its best.”

Source: Yonhap News Agency