SEOUL, KOREA - The government is set to spend 100 billion won of budget set aside for next year before the year's end.

 

Deputy Prime Minister and the Minister of Strategy and Finance Hyun Ok-seok said on November 13 in a meeting of economic ministers, "In order to stimulate the economy, it is necessary to raise the ratio of public spending execution and spend budget earlier than scheduled." "In addition, this year's investment spending execution ratio for government agencies and local public enterprises will be raised by 0.7 percentage point (400 billion won) and 2.9 percentage points (1 trillion won), respectively," he added.

 

He further said highlighting the importance of street-level economic conditions, "Ordinary people don't care about economic statistics and instead rely on for the health of the economy signs such as whether their sons and daughters could get a job easily, how many customers come to their shops in a day, and how much more they have to pay to get a cart full of groceries. In this respect, the current economic conditions are still harsh for ordinary people."

 

"Our economy is at a crossroads whether it is really turning around or returning to the low-growth trap after a blip. The government needs to step up its effort to improve street-level economic conditions that every one in our society can really feel," he said.