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South Korea will try to balance its books in 2017, the country’s top economic policymaker said Thursday, as Asia’s fourth-largest economy runs a budget deficit for an economic recovery.
The National Assembly passed a 17.3 trillion won ($15.8 billion) extra budget earlier this month to revitalize the economy amid lackluster exports and weak domestic demand.
In March, the government slashed its growth outlook for this year to 2.3 percent from the 3 percent predicted in December.
“We plan to balance the budget in 2017, though we are inevitably running a budget deficit for a short-term period to boost our economy,” Finance Minister Hyun Oh-seok said in a business forum in Seoul.
He said his ministry plans to unveil specific plans later this month on how to expand new revenue sources and adjust spending.
His comments came a month after his ministry forecast in a report to the parliament that the government could balance its fiscal account in 2016. (Yonhap News)
The National Assembly passed a 17.3 trillion won ($15.8 billion) extra budget earlier this month to revitalize the economy amid lackluster exports and weak domestic demand.
In March, the government slashed its growth outlook for this year to 2.3 percent from the 3 percent predicted in December.
“We plan to balance the budget in 2017, though we are inevitably running a budget deficit for a short-term period to boost our economy,” Finance Minister Hyun Oh-seok said in a business forum in Seoul.
He said his ministry plans to unveil specific plans later this month on how to expand new revenue sources and adjust spending.
His comments came a month after his ministry forecast in a report to the parliament that the government could balance its fiscal account in 2016. (Yonhap News)
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Articles by Korea Herald
