SEOUL, Finance Minister Choi Sang-mok said Tuesday the government will administer more than 65 percent of this year's fiscal spending in the first half in a move to boost domestic demand and support vulnerable people. "It would be far from easy for the people to feel an economic recovery in the first half due to high inflation and interest rates," Choi said during an emergency economic-related ministers' meeting. "The government will administer more than 65 percent of this year's budget, a record level, in the first half, for projects on social welfare, job creation and social overhead capital," he added. Late last year, the Cabinet approved the government's plan to front-load up to 75 percent of fiscal spending for 2024, or 412.5 trillion won (US$317.79 billion) out of 550 trillion won, during the January-June period. The government has vowed all-out efforts to prop up economic growth momentum, and support low-income and other vulnerable people amid weak domestic demand, though the economy has shown sig ns of a turnaround led by rising exports. Source: Yonhap News Agency
Menu
