[2021 National Audit] Hong Nam-gi "Finance has played a role for 5 consecutive years... Never been this high before"

October 5 National Assembly Budget Committee Ministry of Economy and Finance 'Economic and Fiscal Policy Audit'

Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki attended the National Assembly's Public Administration and Security Committee's audit of the Ministry of Economy and Finance held at the National Assembly on the 5th, responding to questions from lawmakers. Photo by Yoon Dong-ju doso7@

[Sejong=Asia Economy Reporter Moon Chaeseok] Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki said on the 5th, "The rate of increase in fiscal expenditure has never been this high."

Deputy Prime Minister Hong made this remark during the Ministry of Economy and Finance's audit by the National Assembly's Planning and Finance Committee, in a Q&A session with Democratic Party lawmaker Jeong Il-young.

Hong explained, "It is said that the fiscal policy did not perform its role properly, but the rate of increase in expenditure was overwhelmingly higher compared to the rate of increase in revenue, and this phenomenon continued for five consecutive years. In the history of fiscal management, there has never been a five-year period with such a high rate of increase in fiscal expenditure."

He added, "This year, the national debt as a percentage of Gross Domestic Product (GDP) is 47%, so the absolute scale is relatively manageable, but the speed at which debt is increasing is fast enough to approach 60% by 2025."