The economy faces a crisis from high interest rates and strong dollar. If the world economy enters a recession, Korea could experience tough times. Politicians must stop their race to supplementary budgets.
When netting out subsidies to local governments and transfers for local educations, the extra spending totals 36.4 trillion won. The previous record is the 35.1 trillion-won supplementary budget in 2020.
Hammered out by People Power Party (PPP) and President Yoon Suk-yeol, the draft calls for 3.7 million small businesses receiving at least 6 million won each for losses suffered during the pandemic.
The Bank of Korea raised the policy rate for the fourth time since August.
President Moon Jae-in and President-elect Yoon Suk-yeol finally held a meeting after the March 9 presidential election following a last-minute cancellation amid a war of nerves between the outgoing and incoming presidents.
Bond yields are soaring at a rapid pace, driven by the hawkish stance of the U.S. Federal Reserve and the president-elect’s push for a supplementary budget.
The ruling Democratic Party (DP) unilaterally held a special session early Saturday morning and passed a 14-trillion-won ($11.7 billion) supplementary budget bill proposed by the government. Three million won will be handed out...
Korea JoongAng Daily Sitemap
