'Presiding over the Minsheng Meeting' Yoon: "Tighten Public Sector to Support Livelihoods and Invest in Growth Engines"

"Providing Stronger Support to Those Harder Hit by the Economic Crisis"
"Ministers Must Unite with Extraordinary Resolve"

[Image source=Yonhap News]

[Asia Economy Reporter Ki-min Lee] President Yoon Suk-yeol said on the 8th, "Isn't this a global economic crisis? The most important thing is that fiscal tightening in the public sector is inevitable."

On the morning of the same day, on his way to the Yongsan Presidential Office, President Yoon responded to reporters' question, "You are presiding over the first Emergency Economic and Livelihood Meeting today. Please share your determination."

He added, "Now, we must tighten the budget and use that money to provide stronger support to those who are more vulnerable in the economic crisis," emphasizing, "No matter how difficult a household's situation is, they still have to educate their children. Likewise, we cannot avoid making bold investments in the nation's growth engines."

President Yoon said, "Yesterday's fiscal strategy meeting dealt with future growth engines, education, research and development (R&D), and expenditure restructuring, while today we will discuss how to manage livelihood prices, essential goods prices, and so on."

He continued, "The entire cabinet gathered yesterday, and the cabinet will all come today as well. Although only the necessary relevant ministers will attend, we must all share an extraordinary determination."

The day before, President Yoon held the National Fiscal Strategy Meeting at Chungbuk National University in Cheongju, Chungbuk Province, stating that since we are currently facing a complex crisis of high inflation, high interest rates, and low growth, we must break away from the illusion that budget spending will directly lead to economic growth. He also emphasized conducting a full survey of public sector assets and selling or disposing of assets with low relevance to institutional functions to an appropriate level.

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