The government will put the top priority of its fiscal policy on revitalizing the slackening economy and make every effort to achieve an economic growth rate of 3 percent this year, the finance minister said Wednesday.
  

Chairing the fiscal policy strategy meeting in Seoul, Choi Kyung-hwan said that what is important at present is growth, making clear this goal takes precedence over the need to maintain a fiscal balance and calls to raise tax rates.
  

While the Middle East Respiratory Syndrome scare has receded somewhat, slumping exports and uncertainties in the Chinese financial market are fueling downside risks that can adversely affect the economy, he said.
  

"Now is the time to do whatever is possible to fuel the country's economic growth momentum," the minister said.
  

The government downgraded this year's growth forecast from 3.8 percent to 3.1 percent in the wake of the MERS outbreak, weak consumption and a drop in exports.
  

He said some have called for adjusting tax rates and striving for fiscal balance, but it is better at this juncture to push up growth that can generate more revenue. This, he claimed, can naturally address fiscal balance issues.

 
Choi, who doubles as deputy prime minister in charge of economic affairs, then said the government will do its utmost to spend the 22 trillion won (US$18.6 billion) economic stimulus measures, which include the 11.53 trillion won extra budget.
  

Parliament approved the supplementary budget plan in July to help the country cope with the fallout of the MERS outbreak and the drop in growth.
  

In a separate meeting of economy-related ministers, Choi stressed the government views 2015 as a golden opportunity to implement sweeping reforms, saying measures will be taken to reform the labor market within the year.
  

"The need for reforms transcends political boundaries because it is directly related to creating jobs for young people," he argued.
  

The minister also said the government will take steps to boost the competitiveness of the financial sector, make local banks more competitive and revamp the stock exchange.
  

The policymaker, meanwhile, said that Seoul plans to use the Korea Grand Sale event that kicks off Friday and runs through Oct. 31 to revive the domestic market and attract more visitors, who have stayed away due to the MERS outbreak.
  

"Last year some 135 companies took part in the event, but the number has ballooned to 255, which control some 30,000 shops and outlets," he said. "Since the program designed to attract foreign tourists will be held alongside large scale sales for local consumers, it should be able to revive domestic consumption." (Yonhap)