Hong Nam-ki: "3rd Disaster Relief Fund, Customized Payment Targeted Before Next Year's Seollal Holiday"

"National debt ratio is better compared to advanced countries... However, the increase rate is steep"
"Once the moving season passes and housing supply measures take effect, the jeonse instability can be alleviated"

Hong Nam-ki, Deputy Prime Minister for Economy and Minister of Economy and Finance (file photo)

[Asia Economy Reporter Joo Sang-don] Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki stated on the 2nd, "A concrete payment plan for the 3rd disaster relief fund will be created early next year, aiming to distribute it before the Lunar New Year holiday if possible."

On the same day, Deputy Prime Minister Hong appeared on YTN News Special and said, "We recognize that there are affected groups due to the 3rd wave of COVID-19 and strengthened quarantine measures, and have determined that tailored support is inevitable."

Hong explained, "About 2.8 trillion won was paid for the previous Small Business New Hope Fund, and a specific plan will be made early next year," adding, "The government plans to aim to pay the affected groups before the Lunar New Year holiday next year if possible."

Regarding the increase in national debt according to next year's budget, he emphasized, "The national debt ratio compared to Gross Domestic Product (GDP) is relatively better than that of advanced countries," and "Next year's budget can be sufficiently absorbed and managed within fiscal capacity." He continued, "However, the rate of increase in the national debt ratio relative to GDP is steep," adding, "I think we need to fulfill our role while securing fiscal soundness."

Deputy Prime Minister Hong gave a positive outlook on the growth of the Korean economy in the fourth quarter of this year and next year. He said, "The growth rate in the third quarter was the highest in 10 years," and "Although there are concerns about domestic demand due to strengthened quarantine measures, the government will ensure the economic momentum continues in the fourth quarter through various domestic demand stimulation measures such as non-face-to-face and online methods."

When asked about additional real estate measures, he replied, "Rather than announcing new measures, it is more important to faithfully and promptly implement the measures already announced," adding, "We will focus on expanding housing supply." He further said, "Once the moving season passes and housing supply measures take effect, I believe the instability in the jeonse market can also be alleviated."

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