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Moon urges use of full fiscal capability against 'wartime-like' economic crisis

All Headlines 15:20 May 25, 2020

SEOUL, May 25 (Yonhap) -- President Moon Jae-in called Monday for wartime-like aggressive fiscal policy to cope with the economic crisis from the COVID-19 pandemic, dismissing a burgeoning public concern about South Korea's fiscal soundness.

"The bottom of the global economy is invisible. This is indeed an economic wartime situation," he said during an annual national fiscal strategy meeting at Cheong Wa Dae.

He stressed the need to mobilize all of the government's fiscal capabilities on par with "wartime fiscal operation."

The president urged the speedy allocation of another batch of supplementary budgets, saying South Korea still has room for expansionary fiscal policy in comparison with other OECD member states.

"Our national debt ratio stays at the level of 41 percent," taking into account the two previous extra budgets against the economic impact from the virus, he pointed out.

The average debt-to-GDP ratio of OECD members reaches 110 percent, he noted.

President Moon Jae-in (C) speaks during the National Fiscal Strategy Meeting at Cheong Wa Dae in Seoul on May 25, 2020. (Yonhap)

lcd@yna.co.kr
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