[Asia Economy Reporter Oh Ju-yeon] Yoon Ho-jung, floor leader of the Democratic Party of Korea, stated on the 24th that "next year, a crisis recovery budget slightly larger than this year's 604.7 trillion won is necessary," emphasizing the need for expansionary fiscal policy.
On the morning of the same day, during the party-government meeting on next year's budget held at the National Assembly, Floor Leader Yoon said, "We must secure sufficient budget for vulnerable groups affected by COVID-19."
Floor Leader Yoon said, "First, we must secure enough budget for vaccines and quarantine measures," adding, "So far, the budget for COVID-19 response, including vaccine purchases and securing hospital wards, has been executed through supplementary budgets and contingency funds. Since the demand for COVID-19 budgets such as vaccine purchases, compensation for losses to medical institutions, and wages for specialized personnel still seems necessary, I think it should now be reflected in the main budget."
He also emphasized, "The loss compensation budget for small business owners and self-employed individuals must be sufficiently reflected." Floor Leader Yoon stated, "Although we secured a 1 trillion won loss compensation budget through this year's supplementary budget, it does not fully consider unexpected variables such as the spread of variant viruses," and added, "As fiscal conditions are expected to improve due to tax revenue recovery from economic recovery, the government should have more confidence in expansionary fiscal management and lead an inclusive economic recovery."
Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki said, "Regarding the preparation of next year's budget, the government intended to maintain an expansionary fiscal stance."
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