President Moon holds second finance and budget strategy meeting at Blue House
- 6 years ago
문재인 대통령, 취임 후 두번째 국가재정전략회의 주재
President Moon convened the second finance and budget strategy meeting since the launch of his administration today at the nation's top office.
The South Korean President called for an all-out effort to overcome existing economic hurdles but also to respond to the ever-changing economic paradigm, especially as inter-Korean relations improve.
Our Blue House correspondent Hwang Hojun has this report.
More than 80 government officials attended the finance and budget strategy meeting on Thursday, chaired by President Moon Jae-in himself, to discuss the government's fiscal policy over the next five years.
President Moon praised the changes that have come about since the launch of his administration,... noting that the average income of all households rose 3-point-7 percent on-year in the first quarter while the local economy expanded 1-point-1 percent over the same period.
He said international organizations, including the IMF, have also expressed their appreciation of the Korean government's active fiscal management to improve the economy.
"However, there are still many areas where people cannot feel that their lives are improving economically."
He noted that the household income gap between the top-20 percent and the lower-20-percent bracket has gotten worse, as have structural difficulties such as the nation's record-low birth rate and the rapidly aging population.
To tackle those issues, President Moon called for the government to further boost the three pillars of the nation's economic policies; income-led growth, innovative growth, and fair economy.
He stressed that while income-led growth and fair competition are ways to make growth more inclusive and fair, the foundation for an expanding economy comes from innovation.
Therefore, he called for tangible action such as the reform of existing regulations.
"Innovative growth is key in creating growth engines. So, income-led growth and innovation-led growth must go together; it's not a matter of choice of one over the other."
But the highlight of the President's message was when he said the nation's economy is bound to undergo a paradigm shift... once inter-Korean relations and North Korea-U.S. relations improve; once lasting peace is settled on the Korea Peninsula through denuclearization.
"We will need to start reviewing the role of our fiscal spending to prepare ourselves for if and when inter-Korean economic cooperation goes into full swing and we need to support the new economic map on the Korean Peninsula."
Responding to critics that the administration’s minimum wage hike is one factor that drove the economic polarization in the country, President Moon…. while acknowledging it may have become more difficult for those in the lower income bracket to find jobs and if so, it needs to be addressed… insisted it’s too early to attribute the income decline of the bottom 20-percent to any specific factor.
Hwang Hojun, Arirang News.
President Moon convened the second finance and budget strategy meeting since the launch of his administration today at the nation's top office.
The South Korean President called for an all-out effort to overcome existing economic hurdles but also to respond to the ever-changing economic paradigm, especially as inter-Korean relations improve.
Our Blue House correspondent Hwang Hojun has this report.
More than 80 government officials attended the finance and budget strategy meeting on Thursday, chaired by President Moon Jae-in himself, to discuss the government's fiscal policy over the next five years.
President Moon praised the changes that have come about since the launch of his administration,... noting that the average income of all households rose 3-point-7 percent on-year in the first quarter while the local economy expanded 1-point-1 percent over the same period.
He said international organizations, including the IMF, have also expressed their appreciation of the Korean government's active fiscal management to improve the economy.
"However, there are still many areas where people cannot feel that their lives are improving economically."
He noted that the household income gap between the top-20 percent and the lower-20-percent bracket has gotten worse, as have structural difficulties such as the nation's record-low birth rate and the rapidly aging population.
To tackle those issues, President Moon called for the government to further boost the three pillars of the nation's economic policies; income-led growth, innovative growth, and fair economy.
He stressed that while income-led growth and fair competition are ways to make growth more inclusive and fair, the foundation for an expanding economy comes from innovation.
Therefore, he called for tangible action such as the reform of existing regulations.
"Innovative growth is key in creating growth engines. So, income-led growth and innovation-led growth must go together; it's not a matter of choice of one over the other."
But the highlight of the President's message was when he said the nation's economy is bound to undergo a paradigm shift... once inter-Korean relations and North Korea-U.S. relations improve; once lasting peace is settled on the Korea Peninsula through denuclearization.
"We will need to start reviewing the role of our fiscal spending to prepare ourselves for if and when inter-Korean economic cooperation goes into full swing and we need to support the new economic map on the Korean Peninsula."
Responding to critics that the administration’s minimum wage hike is one factor that drove the economic polarization in the country, President Moon…. while acknowledging it may have become more difficult for those in the lower income bracket to find jobs and if so, it needs to be addressed… insisted it’s too early to attribute the income decline of the bottom 20-percent to any specific factor.
Hwang Hojun, Arirang News.