Choo Kyung-ho "Actively Considering Temporary Holiday on October 2... Household Debt Will Gradually Decrease"

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho announced that he is actively considering designating October 2nd, a bridge holiday, as a temporary public holiday.

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho is speaking at the ruling party and government meeting on the 2024 budget held at the National Assembly on the 23rd. Photo by Hyunmin Kim kimhyun81@

In a broadcast interview on the 29th, Deputy Prime Minister Choo said, "The ruling party proposed this to expand the public's right to rest and to stimulate domestic demand, and the government shares the same view as the ruling party," adding, "There is a positive atmosphere within the government as well."

Regarding the tone of next year's budget, he said, "We have put a lot of thought into finding a balance between maintaining sound fiscal management and spending where necessary." He added, "Policies that inject funds by borrowing to stimulate economic vitality are the worst of the worst," and said, "I think they are the easiest and most irresponsible policies."

On expenditure restructuring, he explained, "We have thoroughly reviewed the subsidy sector, where issues of fraudulent claims existed, and focused on research and development (R&D) projects that were criticized for being operated in a closed and nepotistic manner," adding, "We have significantly cut budgets for wasteful projects, ineffective projects, and those lacking feasibility."

He continued, "The household debt problem has accumulated over a long time, and if it is sharply reduced all at once, it would cause economic wrinkles," and stated, "We plan to gradually reduce it while improving external credibility regarding household debt."

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