Choo Kyung-ho: "No Additional Supplementary Budget This Year If No Economic Shock"

[Image source=Yonhap News]

[Asia Economy Reporter Jang Sehee] Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho stated that unless a tremendous economic shock occurs, he does not plan to recompile the supplementary budget (Chugyeong) this year.

On the 17th, attending the plenary meeting of the National Assembly's Planning and Finance Committee, Deputy Prime Minister Choo responded to Democratic Party lawmaker Jeong Il-young's question about how the funds would be secured if there were another supplementary budget. Choo said, "Unless COVID-19 spreads massively again or there is a tremendous external economic shock causing mass unemployment and economic recession, I do not intend to have a supplementary budget this year."

During the COVID-19 disaster situation, the Moon Jae-in administration compiled a total of 10 supplementary budgets. At that time, some criticized that the continuous compilation of supplementary budgets rapidly increased the national debt.

Regarding the error in the national tax revenue forecast amounting to 53.3 trillion won, Deputy Prime Minister Choo expressed regret. He said, "I take the criticism of the tax revenue estimation error seriously," and added, "We will strengthen efforts to improve accuracy."