President Moon emphasizes need to expand government expenditure at times when global economy slows down
- 5 years ago
President Moon Jae-in said today it is the duty of the administration to increase government expenditures to boost the economy when times are tough.
Shin Se-min with the details.
President Moon Jae-in... zeroing in on economy.
Amid weaker global growth, the president said his administration is firm on keeping its expansionary fiscal policy while working to revitalize public investment to keep the economy afloat.
"To overcome the fall in exports and investment caused by slowing global economic growth, the government should take the lead by increasing support for exporting firms and boosting private investment."
Reiterating that Asia's fourth largest economy -- like many others -- is going through turbulence because of external factors like trade protectionism,... the president said now is the time to concentrate energy on the economy and people's lives.
And a greater emphasis on investments.
"Businesses are sharply expanding investment in sectors like system semiconductors, display, future cars and biohealth. Venture investments have seen the largest growth. This is all good news for our economy."
He announced that the government plans to invest more in the construction sector, and promised to boost public investment in social overhead capital as well.
The attendees also discussed issues ranging from the recent employment data, the flexible working hour system to the government response to African swine fever.
The vice finance minister has separately called on the central and the regional governments to execute all their budgets in the last quarter of the year to deal with downside economic risks.
Aside from one meeting last year, this was only the second time the president has gathered all his economic policymakers since taking office in 2017.
The president's message -- seen as a way of stressing the importance of expanding public and private investment,... and showing that the president himself is on the case.
Shin Se-min, Arirang News.
Shin Se-min with the details.
President Moon Jae-in... zeroing in on economy.
Amid weaker global growth, the president said his administration is firm on keeping its expansionary fiscal policy while working to revitalize public investment to keep the economy afloat.
"To overcome the fall in exports and investment caused by slowing global economic growth, the government should take the lead by increasing support for exporting firms and boosting private investment."
Reiterating that Asia's fourth largest economy -- like many others -- is going through turbulence because of external factors like trade protectionism,... the president said now is the time to concentrate energy on the economy and people's lives.
And a greater emphasis on investments.
"Businesses are sharply expanding investment in sectors like system semiconductors, display, future cars and biohealth. Venture investments have seen the largest growth. This is all good news for our economy."
He announced that the government plans to invest more in the construction sector, and promised to boost public investment in social overhead capital as well.
The attendees also discussed issues ranging from the recent employment data, the flexible working hour system to the government response to African swine fever.
The vice finance minister has separately called on the central and the regional governments to execute all their budgets in the last quarter of the year to deal with downside economic risks.
Aside from one meeting last year, this was only the second time the president has gathered all his economic policymakers since taking office in 2017.
The president's message -- seen as a way of stressing the importance of expanding public and private investment,... and showing that the president himself is on the case.
Shin Se-min, Arirang News.