Lee Jae-myung: "The Support Effect of Gyeonggi-do Disaster Basic Income Clearly Evident"

"Credit Card Sales Nearly 100% Recovered Year-on-Year After Basic Income Payment"
"Central Government Fiscal Support Needed Going Forward"

On the morning of the 8th last month, Lee Jae-myung, Governor of Gyeonggi Province, held a press conference in the briefing room of the Gyeonggi Provincial Government regarding the simultaneous payment of disaster basic income by Gyeonggi Province and 18 cities and counties. / Photo by Yonhap News

[Asia Economy Intern Reporter Lim Juhyung] Lee Jae-myung, Governor of Gyeonggi Province, stated that the province's disaster basic income policy has led to credit card sales in the region almost fully recovering to pre-COVID-19 levels.

On the morning of the 8th, Lee appeared on CBS Radio's 'Kim Hyun-jung's News Show' and claimed, "The economic stimulus effect of the Gyeonggi disaster basic income, which provided 100,000 won to all residents, is clearly reflected in the numbers."

He continued, "Gyeonggi Province began distributing the disaster basic income on the 11th of last month, and since then, credit card sales have recovered to 95% of the same period last year in the first week, 95% the following week, and 99% the week after that. In contrast, Seoul's sales were 84% in the second week of April, 88% in the third week, and 84% in the fourth week, showing about a 10% difference compared to Gyeonggi Province," he explained.

He emphasized, "While Seoul's card sales are about 80% of pre-COVID-19 levels, Gyeonggi Province's have almost fully recovered to nearly 100%."

Regarding additional disaster support policies, he responded, "Our local governments do not have autonomous authority for tax increases or issuing local bonds, so it is difficult to provide large-scale direct support through our own finances."

He added, "The central government needs to accelerate next year's budget spending or inject funds through long-term government bond issuance. Since the current level of fiscal input is only about one-tenth compared to other advanced countries, I believe there is a need for substantial fiscal investment going forward."

This content was produced with the assistance of AI translation services.