Korea's national debt last year hit a record high of 1,126.7 trillion won ($826.6 billion), accounting for more than 50 percent of the country's debt-to-gross domestic product.
The Ministry of Economy and Finance announced that next year's fiscal policy will focus re-investing in R&D, resolving the falling birthrate and bolstering medical services.
Korea's national debt inched closer to 1,110 trillion won ($824 billion) as of late November, and the fiscal deficit logged on-month growth, data showed Thursday.
Fiscal integrity must not be compromised during the budgetary review process.
The government has the duty to uphold the fiscal integrity regardless of the challenges at home and abroad.
The government must not save spending and instead must stimulate growth for more tax revenue.
Various problems can spill over when the economy fails to grow.
To elevate the competitiveness, the government must foster new industries.
President Yoon Suk Yeol blamed the large national debt — exceeding 1,000 trillion won ($756 billion) for the first time ever last year — on the lax fiscal policies of the previous government, vowing a return to fiscal austerity.
Fiscal integrity is important because a government that failed in policymaking can be forgiven, but one that could not maintain fiscal soundness cannot.
Korea JoongAng Daily Sitemap