“Now is the last 'golden time' for us to rebuild our economy.” President Park Geun-hye has emphasized the importance of the present time when it comes to improving the Korean economy and achieving more economic growth.
“Our government has been making an all-out effort toward national innovation and economic reform,” said President Park in her administrative policy speech concerning the national budget bill for 2015, at the National Assembly on October 29.
“Though both our GDP growth rate and employment rate improved, internal and external uncertainties have deepened, such as slower global growth, deflation and a cheaper Japanese yen. The most serious issue is that we have the world’s most rapidly aging society,” said the president.
Park said, “The government puts the foremost priority onto revitalizing the economy and on the management of national affairs next year. We added KRW 20 trillion to the budget next year.”
“My administration will work to revive the economy by carrying out a policy package worth KRW 46 trillion, including KRW 12 trillion in additional money to be dispensed in the second half of the year, KRW 5 trillion to expand investment in public organizations, and KRW 29 trillion in policy funding support. As part of this process, the budget deficit and national debt will grow, but we need to undertake great efforts to save the economy so that it can overcome the crisis.”
“In addition to our economic revitalization efforts, our government will not spare any effort in structural reform, in order to improve the soundness of the economy and to secure our growth potential,” said the president. “I announced a three-year economic plan to inject innovation into the economy and to reform the economy, and have been reviewing its implementation. Next year will be the first year to allocate the budget according to these plans, so it will be the first year in which we can see the outcomes of these policies.”
Park said that correcting abnormal systems and practices is a must if the Korean economy is to make another leap forward and to become an advanced economy. “The government will always protect the safety of the people, as that is its basic obligation to the country," she said, emphasizing that her administration will make sure to take preemptive measures concerning public safety. In the safety sector, a total of KRW 14.6 trillion has been allocated, a 17.9 percent rise over 2014's budget.
President Park emphasized the need to carry out reform in the public sector, expressing her will to reform the pension fund for civil servants and to set up a social security net for under-privileged sections of society.
“If we cannot reform management of the national pension fund, it will leave an enormous amount of debt and will become a big burden for the next government and for the next generation. Any government would be afraid to carry out such reforms and would avoid them, as it forces civil servants to make sacrifices despite their devotion to the country. However, we must desperately make these changes now,” said the president.
"Next year’s budget will boost the economic recovery and will become a foothold for the happiness of the people,” said the president, earnestly asking for the lawmakers to pass her budget bill within the allotted time frame.
“We have the potential and the strong mental power to rebuild our economy, despite our hardships. With innovation, we will be able to remake the economy anew and take off again, making another leap forward,” said President Park.
By Yoon Sojung
Korea.net Staff Writer
Photo: Cheong Wa Dae
arete@korea.kr
President Park Geun-hye addresses the National Assembly in regard to the government's 2015 budget bill, on October 29.
“Our government has been making an all-out effort toward national innovation and economic reform,” said President Park in her administrative policy speech concerning the national budget bill for 2015, at the National Assembly on October 29.
“Though both our GDP growth rate and employment rate improved, internal and external uncertainties have deepened, such as slower global growth, deflation and a cheaper Japanese yen. The most serious issue is that we have the world’s most rapidly aging society,” said the president.
Park said, “The government puts the foremost priority onto revitalizing the economy and on the management of national affairs next year. We added KRW 20 trillion to the budget next year.”
“My administration will work to revive the economy by carrying out a policy package worth KRW 46 trillion, including KRW 12 trillion in additional money to be dispensed in the second half of the year, KRW 5 trillion to expand investment in public organizations, and KRW 29 trillion in policy funding support. As part of this process, the budget deficit and national debt will grow, but we need to undertake great efforts to save the economy so that it can overcome the crisis.”
“In addition to our economic revitalization efforts, our government will not spare any effort in structural reform, in order to improve the soundness of the economy and to secure our growth potential,” said the president. “I announced a three-year economic plan to inject innovation into the economy and to reform the economy, and have been reviewing its implementation. Next year will be the first year to allocate the budget according to these plans, so it will be the first year in which we can see the outcomes of these policies.”
Park said that correcting abnormal systems and practices is a must if the Korean economy is to make another leap forward and to become an advanced economy. “The government will always protect the safety of the people, as that is its basic obligation to the country," she said, emphasizing that her administration will make sure to take preemptive measures concerning public safety. In the safety sector, a total of KRW 14.6 trillion has been allocated, a 17.9 percent rise over 2014's budget.
President Park emphasized the need to carry out reform in the public sector, expressing her will to reform the pension fund for civil servants and to set up a social security net for under-privileged sections of society.
“If we cannot reform management of the national pension fund, it will leave an enormous amount of debt and will become a big burden for the next government and for the next generation. Any government would be afraid to carry out such reforms and would avoid them, as it forces civil servants to make sacrifices despite their devotion to the country. However, we must desperately make these changes now,” said the president.
"Next year’s budget will boost the economic recovery and will become a foothold for the happiness of the people,” said the president, earnestly asking for the lawmakers to pass her budget bill within the allotted time frame.
“We have the potential and the strong mental power to rebuild our economy, despite our hardships. With innovation, we will be able to remake the economy anew and take off again, making another leap forward,” said President Park.
By Yoon Sojung
Korea.net Staff Writer
Photo: Cheong Wa Dae
arete@korea.kr
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