: Time for full-scale push to revitalize economy : Moon #IndiaNEWS #International Seoul, Oct 28 | South Korean President Moon Jae-in on Wednesday declared a full-fledged policy drive for the clear recovery

Time for full-scale push to revitalize economy : Moon #IndiaNEWS #International
Seoul, Oct 28 | South Korean President Moon Jae-in on Wednesday declared a full-fledged policy drive for the clear recovery of the countrys economy, coupled with the firm stabilization of the Covid-19 situation here.
In his parliamentary speech on the state budget, Moon assured lawmakers that the government would create a record high budget, proposed for 2021, with a focus on creating jobs, reinvigorating the economy and winning the fight against the coronavirus, Yonhap news agency reported.
Its time to operate full-scale measures to invigorate our economy to put it on a normal track starting next year, he said during the annual address at the National Assembly.
Moon described a clear economic recovery and a win in the antivirus fight as two rabbits that South Korea should catch at the same time without fail.
First, (the government) will put its priority on a quick and strong economic recovery, the President said regarding the direction of the governments fiscal operation plans.
He emphasized the importance of maintaining and creating jobs, saying it is a starting point for an economic recovery, as well as the most important issue associated with peoples livelihoods.
He cited the Korean version of the New Deal aimed at transforming the nation into a pacesetting economy via job creation and the development of future growth engines, especially in digital and environment friendly sectors, a project to cost a total of around 160 trillion won.
Moon said South Korea is proving to be a country strong in crises, as it has done better so far in both virus control and economic stimulus than many other countries.
South Koreas economy, the fourth largest in Asia, grew in the July-September period mainly on a rebound in exports after having contracted for two consecutive quarters, according to the Bank of Korea.
The President stressed the need to continue expansionary fiscal policies, but he pledged no negligence in efforts to maintain fiscal soundness apparently through a bone-cutting restructuring of budget expenditures.
Moon, meanwhile, made clear that his liberal administration remains determined to curb real estate speculation amid soaring prices of houses, as well as rents and down payments, called jeonse here.
The government will certainly stabilize the jeonse market by enforcing newly enacted relevant laws with stability and expanding the supply of good quality middle-sized public-lease apartments, the President said.
He also requested bipartisan support for the passage of major pending bills, including those on promoting a fair economy.
Moon said the government will strive to reveal the truth behind the case in a transparent and responsible manner.