[Asia Economy Reporter Jeon Jin-young] Lee Won-wook, a member of the Democratic Party of Korea running for the Supreme Council member position in the August 29 party convention, emphasized the necessity of a fourth supplementary budget (supplementary budget) worth 15 trillion won to overcome the economic crisis caused by the novel coronavirus infection (COVID-19).
On the morning of the 23rd, after a press conference at the National Assembly Communication Office, Lee met with reporters and said, “I believe that at least that amount of national finance must be投入 to prevent the collapse of the common people's economy.”
Regarding the basis for the scale of resources, he said, “The Ministry of Economy and Finance currently estimates South Korea's economic growth rate this year at 0.1%. 0.1% is practically zero growth, and I thought that if the government does not step in to solve the increasing unemployment problem and economic damage, it will never work.” He added, “To achieve at least 1% growth, an additional fiscal投入 of 0.9% is necessary. 0.9% of our country's annual total Gross Domestic Product (GDP) is 15 to 16 trillion won.”
Regarding the method of raising funds, Lee emphasized, “We need to issue government bonds,” and added, “I believe South Korea still has sufficient capacity to issue government bonds.” About the payment method, he said, “(Whether to provide it to all citizens or selectively) I will consider it further.”
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