Gyeongnam Province Enters Special Period for Livelihood Stability … Governor Park Wan-su "Mobilizing All Available Means"

Amid political turmoil caused by the aftermath of the U.S. presidential election results and the declaration and lifting of martial law, Park Wan-su, Governor of Gyeongnam Province, announced that he will utilize all available means to continue the regional economic growth momentum achieved during the 8th local government term and focus on stabilizing the livelihood of the people.

In a statement on the 9th, Governor Park said, "The national domestic demand recession, which has lasted for over two years, is expected to be prolonged due to the U.S. presidential election results and the current political turmoil," adding, "Small business owners and ordinary citizens are likely to face a tougher winter than ever before."

He then stated, "To quickly overcome this situation, we will enter a special period for stabilizing the livelihood of the people."

Park Wan-su, Governor of Gyeongnam Province. Photo by Gyeongnam Provincial Government

He emphasized that the remaining contingency funds for this year will be actively spent within the year and that next year’s budget will be executed promptly.

He also promised early execution of 65% of the budget in the first half of next year, active implementation of policy financing to support small self-employed businesses, small merchants, and SMEs, and consideration of an additional supplementary budget in the first quarter of next year.

Furthermore, he appealed to the National Assembly, saying, "National budgets should not become hostages to political strife," and urged, "Please pass next year’s budget, which has been increased to reflect the demands of local governments and the public so that fiscal policy can stimulate the economy."

Governor Park concluded his statement by saying, "I, along with the public officials of Gyeongnam Province, will do our best to ensure that the residents can engage in their livelihoods with peace of mind," and added, "We hope everyone trusts us and welcomes the year-end and New Year holidays with the usual warm hearts."