Choo Kyung-ho "The Budget Bill Must Pass Within the Legal Deadline... National Debt Management Is the Path We Must Take"

"The Market Reacts Sensitively Even to Small Uncertainties"

[Image source=Yonhap News]

[Asia Economy Sejong=Reporter Kwon Haeyoung] On the 7th, Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho said, "I earnestly ask for the budget bill to be passed within the legal deadline to overcome the imminent complex economic crisis."

Deputy Prime Minister Choo stated this during the comprehensive policy inquiry at the Budget and Accounts Special Committee held at the National Assembly on the same day, saying, "The market is reacting sensitively even to small uncertainties."

He diagnosed, "Our economy is in a complex crisis situation where concerns about recession and instability in the financial and foreign exchange markets persist due to continued high inflation, high interest rates, and a strong dollar," adding, "The difficulties of our economy will continue for a considerable period as overseas factors and structural problems overlap." He emphasized, "In this complex crisis situation, the international community's evaluation of fiscal soundness, the last bastion of the national economy, is becoming very strict, but our fiscal conditions are not favorable. In a situation where domestic and external economic uncertainties persist, it is now time to tighten our belts again to firmly establish a sound fiscal stance."

Deputy Prime Minister Choo said, "As recent overseas cases show, managing national debt stably is no longer a matter of choice but a path that must be taken," and added, "The government will work together to find the optimal measures to achieve sound fiscal management, stabilize people's livelihoods, and revitalize the economy during the budget review process."

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