Hong Nam-ki: "Interest Rate Hikes Won't End with Just One... Measures to Be Strengthened"

Deputy Prime Minister for Economy Hong Nam-ki is attending the plenary session of the Special Committee on Budget and Accounts held at the National Assembly on the 7th, responding to questions from lawmakers. Photo by Yoon Dong-ju doso7@

[Asia Economy Reporter Kim Jin-ho] Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, said on the 7th, "Although the base interest rate has been raised, it does not seem to end with just one increase," and stated that related measures targeting financially vulnerable groups will be reviewed.

Deputy Prime Minister Hong made this remark in response to a question from Yang Kyung-sook of the Democratic Party during the National Assembly Budget and Accounts Special Committee's comprehensive policy inquiry, asking, "Isn't there a need to proactively respond to the interest rate hike?"

Hong expressed concern, saying, "During the COVID-19 crisis response last year and this year, corporate loans have increased significantly, and government debt has also risen. Since the interest rate has been maintained at historically low levels, the burden from future interest rate hikes could become greater."

He added, "The government is also devising various measures, such as increasing policy financing for vulnerable groups, expanding policy financing for small business owners and micro-entrepreneurs, and reducing repayment burdens."

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