President Moon: "Swift Implementation of 2nd Supplementary Budget... Caution Against Market Fundamentalism of Ability and Competition" (Comprehensive)

[Image source=Yonhap News]

[Asia Economy Reporter Lee Ji-eun] President Moon Jae-in urged the swift implementation of a second supplementary budget (supplementary budget) to support the lives of the people with excess tax revenue. He also warned against the 'meritocracy' advocated by the opposition, saying, "We must be cautious of the market fundamentalism logic of ability and competition and focus on coexistence and inclusion."

On the afternoon of the 28th, at the 'Expanded Economic Ministers' Meeting' held at the Blue House, President Moon said, "Please promptly push forward the second supplementary budget to boost economic vitality and support the lives of those in difficulty with the excess tax revenue expected to exceed 30 trillion won."

At the meeting, reports and discussions on the 'Second Half Economic Policy Direction' were conducted.

President Moon emphasized that although the recovery speed of our economy is much faster than experts and market expectations, a 'complete recovery' means sharing the fruits of economic recovery achieved together by all.

In this regard, President Moon said, "The large excess tax revenue is a virtuous cycle effect of expansionary fiscal policy and a clear sign of economic recovery," adding, "Please consider various policy measures together, including supplementary budgets, tax reforms, and financial improvements."

He particularly stressed the need to revive domestic demand and the service industry, which have a significant employment creation effect, urging the promotion of comprehensive domestic demand reinforcement measures through consumption coupons, Korea Sale Festa, and supplementary budgets.

He also emphasized an inclusive leap to prevent the expansion of inequality. President Moon said, "I hope you achieve an inclusive leap and recovery that prevents the expansion of inequality, which can easily deepen amid crisis and uneven recovery," adding, "Now is the time to be cautious of the market fundamentalism logic of ability and competition and to focus policies on coexistence and inclusion."

President Moon stated, "The second half of this year is a very important period to achieve faster economic recovery and inclusive recovery and leap forward amid herd immunity and the return to daily life," emphasizing the need to achieve results that the public can feel in the second half.

Regarding this, he said, "The top priority for our economy in the second half of this year is complete crisis overcoming by increasing jobs and reducing gaps," expressing confidence that "the government will mobilize all its capabilities to achieve a growth rate of over 4% for the first time in 11 years and achieve a job rebound surpassing last year's employment decline."

To overcome the job crisis, he said, "The public sector must step in to create jobs for vulnerable groups until companies can increase jobs," adding, "Support should be provided for self-employed people whose businesses are restricted, and special support should be given to the culture, arts, and tourism sectors."

He also urged focusing on creating quality jobs in software, artificial intelligence, and other fields, while accelerating the strengthening of employment and social safety nets, including nationwide employment insurance, the introduction of full-time allowance, and the abolition of the livelihood support obligation.

President Moon said, "The world highly evaluates the resilience and potential of the Korean economy," adding, "We must take this as an opportunity to leap forward as a leading economy ahead of the post-COVID-19 era, beyond crisis overcoming."

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