[2022 Budget] Hong Nam-ki "Need to Maintain Expansionary Policy Around 8%... Will Act as an Economic Engine"

[Image source=Yonhap News]

[Sejong=Asia Economy Reporter Kim Hyunjung] Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, stated regarding the budget plan of 604.4 trillion won prepared for next year, "It was necessary to maintain an expansionary stance in the 8% range," adding, "It will play a strong driving role leading a strong economy that reduces the gap caused by COVID-19 and moves forward together."

Deputy Prime Minister Hong made these remarks on the 31st while announcing the 2022 budget plan at the Government Complex Seoul in Gwanghwamun, Seoul. He said, "The current COVID-19 pandemic situation, especially the recent fourth wave, will definitely be contained," and explained, "In the process, the state and finances will serve as a ‘pillar of livelihood’ so that no one falls behind or is left out, and we can overcome this together." He continued, "I ask everyone to endure and stand up so that we can run together toward new hope," and added, "The government will also exert all efforts with a posture of utmost dedication (국궁진력, 鞠躬盡力)."

The three major directions of this year’s budget plan were presented as ▲ a budget supporting recovery, coexistence, and leap forward ▲ a budget actively supporting the completion of the five-year national administration achievements ▲ a budget striving to establish a sustainable fiscal foundation. The core task was identified as ‘complete overcoming of the COVID-19 crisis and a new leap forward after COVID-19.’

Meanwhile, the government announced that it has prepared a budget of 604.4 trillion won for next year, an 8.3% increase compared to this year. Deputy Prime Minister Hong elaborated on the 8% growth rate, saying, "Since fiscal demand for crisis overcoming, economic recovery, gap reduction, and future preparation is very important and urgent, it was deemed necessary to maintain an expansionary stance."

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