Choo Kyung-ho "No plans for supplementary budget next year... Outlook remains bleak until first half"

Deputy Prime Minister Choo Kyung-ho Responds at Press Briefing
(Seoul=Yonhap News) Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho visited the Ministry of Economy and Finance press room at the Government Complex Sejong on the 27th, answering reporters' questions at a press briefing regarding recent major economic issues. December 27, 2022 [Provided by the Ministry of Economy and Finance. Resale and DB reproduction prohibited]
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[Asia Economy Sejong=Reporter Lee Jun-hyung] Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho stated, "We are not considering any supplementary budget (추경) for next year at all at this point."

At a press conference held on the 27th at the Sejong Government Complex, Deputy Prime Minister Choo said, "The national debt increased due to the desire to stimulate the economy by borrowing." He added, "If the economic trend next year does not deviate significantly from the level currently forecasted by the government, we are not considering any supplementary budget at all," and emphasized, "We need to be cautious about considering a supplementary budget just because the potential growth rate has declined."

Deputy Prime Minister Choo also mentioned the economic outlook for next year. He said, "The government has projected an economic growth rate of 1.6% for next year, but overall, the first half of next year seems likely to be worse than average," adding, "However, when considering forecasts from domestic and international institutions, the second half of next year appears to improve somewhat." He continued, "The situation of the Russia-Ukraine war, the economic trends in China, and the extent of recovery from recessions in major advanced countries will greatly affect us," and added, "Due to these uncertainties, we do not view the 1.6% economic growth rate for next year as overly optimistic."

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