Vice Minister Gi Jae: "Debt Increase and Low Birthrate, Common Threats in OECD"

Korea-OECD Joint Research Kickoff Ceremony

Kim Yoonsang, Vice Minister of Strategy and Finance (photo left), is delivering the opening remarks at the Korea-OECD International Joint Research Kick-off Ceremony on the 18th (local time).

Kim Yunsang, the 2nd Vice Minister of Strategy and Finance, who is visiting Paris, France, said on the 18th (local time), "The increase in national debt, low birthrate, and aging population are common threats to the member countries of the Organisation for Economic Co-operation and Development (OECD)," adding, "This is why the Korea-OECD joint research to enhance fiscal efficiency is important."

According to the Ministry of Strategy and Finance, Vice Minister Kim stated at the opening ceremony of the 'Korea-OECD International Joint Research System' on the same day, "It is necessary to secure fiscal sustainability while focusing policy capabilities on key investment areas such as welfare for the vulnerable and demographic changes." He also requested substantial research based on specific statistics and cases.

Through this joint research, Korea and the OECD plan to analyze measures to secure medium- to long-term fiscal sustainability, prepare efficient policies to alleviate elderly poverty, and conduct international comparisons linking tax expenditures and fiscal expenditures.

Yoshiki Takeuchi, OECD Deputy Secretary-General, said in his welcoming remarks, "As the fiscal sustainability of OECD member countries is under threat, this research marks a new stage of cooperation between Korea and the OECD."

He added, "We will make full use of available resources within the OECD for this joint research and review, revise, and manage the joint research topics annually for systematic multi-year research."