President Moon Jae-in on Oct. 22 gives a speech at a parliamentary meeting on the 2020 government budget at the National Assembly in Seoul. (Cheong Wa Dae)

By Xu Aiying and Lee Jihae

President Moon Jae-in on Oct. 22 emphasized building "a country where everyone is prosperous" and "an absolutely unshakable economy" in a speech at a National Assembly meeting on the government's budget for 2020.

With the International Monetary Fund (IMF) saying global economic growth this year will be the lowest since the 2008-09 world financial crisis, he said, "The IMF has advised each country to boldly expand its fiscal expenditures to overcome the world's economic downturn."

"The IMF has singled out Germany, Netherlands and our nation as countries with fiscal space that can respond to the economic situation by expanding their finances."

President Moon also noted that Korea was 13th out of 141 countries in the World Economic Forum's ranking of national competitiveness. "For two years in a row, Korea has ranked atop the categories of macroeconomic stability and information and communications technology," he said.

He also cited international credit ratings agencies such as Moody's, S&P and Fitch giving Korea a sovereign credit rating of "Aa2," higher than the "A2" of Japan and "A1" of China. "Our economic steadiness has been evaluated more favorably on the world stage than domestically," he said.

"Tax revisions and the 2020 budget are designed to meet the government's four goals of innovation for additional economic stimulation, tolerance for making a warmer community, impartiality for building a fair country and peace to ensure a brighter future."

The president said next year's national budget was set at KRW 513.5 trillion, up 9.3% from this year, and overall revenue at KRW 482 trillion, up 1.2%.

President Moon explained the details of each goal and emphasized impartiality in his speech, saying, "Impartiality must be the foundation for innovation, tolerance and peace."

"Impartiality must be newly founded not only in economy but in all sectors such as society, education and culture."

He added, "The government will further press ahead with reforms to heed the people's demands and achieve fairness."

"Our anti-corruption policy council will do its best to deeply ingrain fairness in our society."

xuaiy@korea.kr