S. Korea's finance chief stresses need for expansionary fiscal policies despite rise in debt
- 5 years ago
홍남기 "확장재정 불가피…내년 국가채무비율 40% 돌파"
South Korea's finance minister Hong Nam-ki has stressed the need for expansionary fiscal policies,... despite the country's growing debt.
Speaking to reporters on Thursday,... Hong said the country's debt-to-GDP ratio will surpass 40 percent next year,... given a decline in tax revenue as well as expansionary policies.
The finance ministry expects the ratio, typically seen as a measure of fiscal soundness, to hit 40-point-2 percent in 2020,... topping the 40 percent mark for the first time.
The minister said that expansionary policies are needed... to revitalize the economy and support structural reform.
As for the volatility in the foreign exchange market amid heightening trade tensions between the U.S. and China... Hong said that the government will take measures in case of instability.
The finance minister also brushed off speculation about redenominating the Korean currency that is, knocking zeroes off its nominal value saying that the government has no plans to do so.
South Korea's finance minister Hong Nam-ki has stressed the need for expansionary fiscal policies,... despite the country's growing debt.
Speaking to reporters on Thursday,... Hong said the country's debt-to-GDP ratio will surpass 40 percent next year,... given a decline in tax revenue as well as expansionary policies.
The finance ministry expects the ratio, typically seen as a measure of fiscal soundness, to hit 40-point-2 percent in 2020,... topping the 40 percent mark for the first time.
The minister said that expansionary policies are needed... to revitalize the economy and support structural reform.
As for the volatility in the foreign exchange market amid heightening trade tensions between the U.S. and China... Hong said that the government will take measures in case of instability.
The finance minister also brushed off speculation about redenominating the Korean currency that is, knocking zeroes off its nominal value saying that the government has no plans to do so.