[Asia Economy Reporter Son Seon-hee] Amid the resurgence of the novel coronavirus infection (COVID-19), the National Assembly and government authorities are discussing a budget plan for the payment of a '3rd disaster relief fund' amounting to around 4 trillion won. On the 1st, President Moon Jae-in said, "I hope we can gather wisdom and will for additional necessary budgets such as tailored support for COVID-19 damage." This is effectively a message pressuring the National Assembly to push forward the 3rd disaster relief fund.
On the same day, President Moon presided over a video cabinet meeting at the Blue House and said in his opening remarks, "I hope the 2021 budget will be a source of strength for our economy and bring comfort and hope to the people struggling due to COVID-19." Regarding next year's budget bill, whose legal deadline for passage is just one day away, he urged, "The cooperation of the National Assembly is crucial for a rapid economic recovery and a strong economic rebound."
In addition, President Moon said, "From the first half of next year, I expect our economy to recover from the shock of COVID-19 and enter a normal trajectory," and added, "With only one month left in 2020, I ask all ministries to do their best until the end toward the goal of 'co-success of quarantine and economy.'"
Earlier, the Bank of Korea announced that the real gross domestic product growth rate for the third quarter of this year (preliminary figure, compared to the previous quarter) was 2.1%, revised upward from the preliminary estimate of 1.9% released in October. President Moon evaluated this by saying, "It shows that our economy is recovering faster than expected and that the strength of the economic rebound is strong."
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