As the Economy Hits Bottom Due to COVID-19... Economic Ministries Say "This Year's Budget Committee Audit Is a Burden"

'21st First National Audit'... "Burdened by Numerous Opposition Experts"

[Image source=Yonhap News]

[Asia Economy Reporter Jang Sehee] As various economic indicators such as production, consumption, and investment have plummeted due to the novel coronavirus infection (COVID-19), concerns about this year's national audit have arisen even among officials at the Ministry of Economy and Finance, the core economic department.

According to the National Assembly on the 3rd, the schedule for the National Assembly's Planning and Finance Committee's audit was recently confirmed through an agreement between the ruling and opposition parties. Accordingly, audits will be conducted on the Ministry of Economy and Finance, the Bank of Korea, the Statistics Korea, and the Korea Customs Service, which are the main economic authorities.

In the Sejong government district, it was said, "Measures to address the decline in various indicators such as production, consumption, and investment due to COVID-19 are expected to be requested." Multiple officials from economic departments said that since this is the first audit of the 21st National Assembly, opposition party lawmakers are also expected to be harsh in their criticism.

A government official said, "The opposition party's Planning and Finance Committee includes many economic experts," adding, "Since Representative Ryu Seong-geol, a budget expert, and Representative Chu Kyung-ho, an economic policy expert, are assigned, it is expected that they will analyze and point out issues from various perspectives."

Meanwhile, the business community anticipates questions regarding the downward revision of the growth rate due to the recent economic difficulties caused by COVID-19. The Bank of Korea, at the regular Monetary Policy Committee meeting in August, significantly lowered this year's gross domestic product (GDP) growth forecast to -1.3%. This is because the resurgence of COVID-19 is expected to delay economic recovery.

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