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"
Seoul's finance chief stressed the need for expansionary fiscal policies,... despite the country's growing debt.
Hong Nam-ki pointed out, 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 ratio, typically seen as a measure of fiscal soundness, is expected to hit 40-point-2 percent in 2020,... topping the 40 percent mark for the first time.
The minister emphasized 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... he assured the government will take necessary measures in case of instability.
Hong also brushed off speculation about redenominating the local currency that is, knocking zeroes off its nominal value, adding the government does not plan to take such actions.
Seoul's finance chief stressed the need for expansionary fiscal policies,... despite the country's growing debt.
Hong Nam-ki pointed out, 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 ratio, typically seen as a measure of fiscal soundness, is expected to hit 40-point-2 percent in 2020,... topping the 40 percent mark for the first time.
The minister emphasized 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... he assured the government will take necessary measures in case of instability.
Hong also brushed off speculation about redenominating the local currency that is, knocking zeroes off its nominal value, adding the government does not plan to take such actions.