Time for a Definite Economic Rebound and Stability in Disease Control
Accelerating the 'Korean New Deal' to Lead the Future Beyond Crisis
[Asia Economy, reporter Ryu Jungmin] President Moon Jaein stated during his 2021 budget address at the National Assembly plenary session on the 28th, "Now is the time to achieve definite stability in disease control and a clear rebound in the economy."
In particular, President Moon emphasized, "It is time to implement full-scale economic revitalization measures to put our economy back on a normal growth track starting next year," adding, "The government will accelerate efforts to overcome the crisis and lead the future by more vigorously promoting the 'Korean New Deal.'"
President Moon underscored the importance of passing the new year's budget, saying that overcoming the COVID-19 crisis requires demonstrating the strength of a 'nation that is strong in times of crisis.' He explained, "The government has drawn up next year's budget at 555.8 trillion won, reflecting our determination to overcome the national crisis and become a leading country," and described it as "a budget to leap beyond this era of crisis and become a leading nation."
President Moon Jaein is looking at the People Power Party lawmakers who are protesting during his 2021 budget address at the National Assembly plenary session on the 28th. Photo by Yoon Dongjoo doso7@
President Moon diagnosed the current situation by saying, "It is unprecedented for the entire world to face an economic crisis caused by an infectious disease," and called it "the worst economic crisis humanity has faced since the Great Depression." In this context, President Moon outlined policy plans including: rapid and strong economic recovery; promotion of the Korean New Deal for the future of South Korea; bold investment in future growth engines; and expansion of employment and social safety nets.
President Moon explained, "The Korean New Deal is a national transformation initiative to become a leading country, and it is a national development strategy with a total investment of 160 trillion won," adding, "Next year, we will invest a total of 32.5 trillion won, including 21.3 trillion won in government funds, to create 360,000 jobs."
President Moon stressed, "In this unprecedented crisis, cooperation is more essential than ever," and called for bipartisan support. He requested, "Please cooperate in passing the three fair economy laws-the Commercial Act, the Fair Trade Act, and the Financial Group Supervision Act-and also complete legislative reforms for power institutions such as the Police Act and the National Intelligence Service Act. I also ask that you put an end to the delay in launching the Corruption Investigation Office for High-ranking Officials (CIO), which embodies the public's desire for thorough investigations and reform of power institutions."
President Moon Jaein is delivering the 2021 budget address at the National Assembly plenary session on the 28th. Photo by Yoon Dongju doso7@
President Moon added, "I hope you will quickly resolve the pending livelihood bills, including the Infectious Disease Control and Prevention Act, the Distribution Industry Development Act, the Small Business Protection Act, and the Employment Insurance Act, and process next year's budget within the legal deadline to show the true face of a 'National Assembly for the People.'"
President Moon evaluated, "When the National Assembly responds to the people's demands for livelihood and reform, the results of cooperation will shine even brighter," and noted, "The National Assembly's swift decisions on four supplementary budgets this year, totaling 67 trillion won, played a major role in protecting the economy and people's lives."
While President Moon expressed gratitude for the National Assembly's cooperation, he also drew a clear line with the opposition by urging an end to the delay in launching the CIO. On this day, the People Power Party did not boycott the budget address, but the plenary session was unsettled, with jeers as President Moon entered the chamber.
President Moon Jaein is entering the plenary hall at the National Assembly on the 28th to deliver the 2021 budget address, while members of the People Power Party are holding a picket protest. Photo by Yoon Dongjoo doso7@
In his budget address, President Moon also touched on livelihood issues such as real estate and matters concerning the Korean Peninsula. He stated, "The government's determination to stabilize the real estate market, protect genuine homebuyers, and curb speculation is unwavering," and pledged, "We will ensure the early stabilization of the three major lease laws and supply high-quality mid-sized public rental apartments to stabilize the rental market without fail."
Regarding the situation on the Korean Peninsula, President Moon said, "The recent death of a South Korean citizen in the West Sea has caused great concern among the people," and stressed, "Even if it takes time, we must pursue peace. Based on strong national defense, we will continue to seek dialogue for denuclearization and permanent peace on the Korean Peninsula."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
