A Step Forward in Regional Economic Recovery... Sangju-si, Gyeongbuk to Accelerate Fiscal Spending in the First Half of the Year

Sangju City Hall.

[Asia Economy Yeongnam Reporting Headquarters Reporter Yeo Jong-gu] Sangju City, Gyeongbuk, held the 'First Half of This Year Rapid Execution Promotion Plan Report Meeting' on the 22nd.

At the meeting, it was decided to execute 480.7 billion KRW (65%) in the first half of the year, which is 9.4% higher than the Ministry of the Interior and Safety's target rate of 55.6%, out of the rapid execution target amount of 739.5 billion KRW, to recover the long-term stagnant local economy.

In particular, the rapid execution in the first half of this year is expected to serve as a catalyst for economic recovery in the public sector, as the local economy has been depressed for a long time due to COVID-19.

A separate first-quarter target amount was set for the consumption and investment sectors, which have a significant ripple effect on the local economy, with a focus on early execution of labor and material costs and management of the execution status of large-scale investment projects (SOC).

Mayor Kang Young-seok of Sangju said, “Given the difficult domestic and international situation such as the local economic downturn due to the spread of COVID-19 Omicron and the decline in employment index, we will do our best to revitalize the local economy by administering the public sector’s ‘economic vaccine.’”

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