Choo Kyung-ho: "Fiscal capacity will not be exhausted by short-term economic stimulus"

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho is shaking hands with Shelly Shetty, Senior Director of Country Ratings for the Asia-Pacific and Latin America regions at Fitch Ratings, before a meeting with the Fitch annual consultation team at the government complex in Jongno-gu, Seoul, on the afternoon of the 12th.

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho stated on the 12th, "Rather than exhausting fiscal capacity for short-term economic stimulus, it is time to enhance growth potential and prepare for the future through structural reforms in labor, education, and pensions."

On the same day, Deputy Prime Minister Choo met with Shelley Shetty, Senior Director in charge of Asia-Pacific sovereign ratings at Fitch, at the government complex in Jongno-gu, Seoul, and said, "Regarding the macroeconomic situation, the economic recovery will be further strengthened thanks to export improvements centered on semiconductors and solid consumption driven by favorable employment trends."

Deputy Prime Minister Choo expressed gratitude for Fitch's repeated positive evaluations of next year's budget and the Yoon Suk-yeol administration's sound fiscal policy stance. He emphasized, "Under the firm belief that all crises stem from excessive debt, we will consistently pursue policies to restore and strengthen fiscal soundness."

The Ministry of Economy and Finance conveyed that Fitch agreed with Deputy Prime Minister Choo's explanation and shared the understanding of the situation and policy response direction regarding the Korean economy.

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