{"id":2202168,"date":"2023-09-07T08:00:19","date_gmt":"2023-09-06T23:00:19","guid":{"rendered":"https:\/\/koreapro.org\/?p=2202168"},"modified":"2023-09-08T17:52:51","modified_gmt":"2023-09-08T08:52:51","slug":"imf-team-validates-yoons-economic-policy-supplying-political-capital","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2023\/09\/imf-team-validates-yoons-economic-policy-supplying-political-capital\/","title":{"rendered":"IMF team validates Yoon’s economic policy, supplying political capital"},"content":{"rendered":"

The International Monetary Fund (IMF) <\/span>underscored<\/span><\/a> the importance of South Korea\u2019s commitment to its restrictive fiscal and monetary strategies during its team\u2019s recent visit. Harald Finger, Korea missions chief at the Washington-based organization, highlighted that even though South Korea experienced a sharper-than-expected inflation rate of 3.4% in August, driven mainly by higher prices of agricultural and manufactured goods, inflation should gradually settle, targeting 2% by the end of 2024.<\/span><\/p>\n

The Yoon administration <\/span>unveiled<\/span><\/a> a budget for 2024 last week that called for the smallest annual hike in spending in nearly two decades. Capped at $496.5 billion (656.9 trillion won), the budget marked the most modest increase since 2005 at just 2.8%. Finger expressed confidence in this budgetary approach, suggesting that it would aid in controlling inflation and curb the further accumulation of public debt without hindering the nation\u2019s growth prospects.<\/span><\/p>\n

Why It Matters<\/b><\/p>\n

The IMF\u2019s endorsement of South Korea\u2019s stringent fiscal and monetary policies couldn\u2019t have come at a more opportune moment for the Yoon Suk-yeol administration. This endorsement allows the Yoon administration to align itself with globally acknowledged best practices, emphasizing its commitment to the long-term financial stability and economic growth of South Korea. Additionally, this endorsement may bolster the administration\u2019s stance, as evidenced by Prime Minister Han Duck-soo\u2019s <\/span>remarks<\/span><\/a> on Wednesday, which described the previous Moon Jae-in administration\u2019s economic approach as \u201cquite irresponsible.\u201d<\/span><\/p>\n

However, the main opposition Democratic Party will likely maintain its critiques of the Yoon administration\u2019s economic policy. The Moon administration, which oversaw increased government spending, framed its economic policy as \u201c<\/span>income-led growth<\/span><\/a>.\u201d Democratic Party leader Lee Jae-myung previously <\/span>proposed<\/span><\/a> an expansive government budget in 2022 and <\/span>supported<\/span><\/a> the idea of a universal basic income during his presidential campaign. Given rising international interest rates, South Korea\u2019s ballooning debt and the upcoming parliamentary election in April, the debate between the administration and the opposition will continue to shape the ROK\u2019s economic discourse in the coming months.<\/span><\/p>\n

Business & Economy<\/span><\/a>Domestic Politics<\/span><\/a><\/div>","protected":false},"excerpt":{"rendered":"

The International Monetary Fund (IMF) underscored the importance of South Korea\u2019s commitment to its restrictive fiscal and monetary strategies during its team\u2019s recent visit. Harald Finger, Korea missions chief at the Washington-based organization, highlighted that even though South Korea experienced a sharper-than-expected inflation rate of 3.4% in August, driven mainly by higher prices of agricultural […]<\/p>\n","protected":false},"author":10407,"featured_media":2202169,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[24,27],"class_list":["post-2202168","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-briefings","tag-business-economy","tag-domestic-politics"],"yoast_head":"\nIMF team validates Yoon's economic policy, supplying political capital - Korea Pro<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/koreapro.org\/2023\/09\/imf-team-validates-yoons-economic-policy-supplying-political-capital\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IMF team validates Yoon's economic policy, supplying political capital - Korea Pro\" \/>\n<meta property=\"og:description\" content=\"The International Monetary Fund (IMF) underscored the importance of South Korea\u2019s commitment to its restrictive fiscal and monetary strategies during its team\u2019s recent visit. Harald Finger, Korea missions chief at the Washington-based organization, highlighted that even though South Korea experienced a sharper-than-expected inflation rate of 3.4% in August, driven mainly by higher prices of agricultural […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/koreapro.org\/2023\/09\/imf-team-validates-yoons-economic-policy-supplying-political-capital\/\" \/>\n<meta property=\"og:site_name\" content=\"Korea Pro\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/nknewsorg\/\" \/>\n<meta property=\"article:published_time\" content=\"2023-09-06T23:00:19+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-09-08T08:52:51+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/koreapro.org\/wp-content\/uploads\/sites\/6\/2023\/09\/eb-3.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"548\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"johnleenknews\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@southkoreapro\" \/>\n<meta name=\"twitter:site\" content=\"@southkoreapro\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"KOREA PRO\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/koreapro.org\/2023\/09\/imf-team-validates-yoons-economic-policy-supplying-political-capital\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/koreapro.org\/2023\/09\/imf-team-validates-yoons-economic-policy-supplying-political-capital\/\"},\"author\":{\"name\":\"johnleenknews\",\"@id\":\"https:\/\/koreapro.org\/#\/schema\/person\/b9766dba611638edc06a6e0b7078714d\"},\"headline\":\"IMF team validates Yoon’s economic policy, supplying political capital\",\"datePublished\":\"2023-09-06T23:00:19+00:00\",\"dateModified\":\"2023-09-08T08:52:51+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/koreapro.org\/2023\/09\/imf-team-validates-yoons-economic-policy-supplying-political-capital\/\"},\"wordCount\":332,\"publisher\":{\"@id\":\"https:\/\/koreapro.org\/#organization\"},\"image\":{\"@id\":\"https:\/\/koreapro.org\/2023\/09\/imf-team-validates-yoons-economic-policy-supplying-political-capital\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/assets.korearisk.com\/uploads\/sites\/6\/2023\/09\/eb-3.png\",\"keywords\":[\"Business & Economy\",\"Domestic Politics\"],\"articleSection\":[\"Briefings\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/koreapro.org\/2023\/09\/imf-team-validates-yoons-economic-policy-supplying-political-capital\/\",\"url\":\"https:\/\/koreapro.org\/2023\/09\/imf-team-validates-yoons-economic-policy-supplying-political-capital\/\",\"name\":\"IMF team validates Yoon's economic policy, supplying political capital - Korea Pro\",\"isPartOf\":{\"@id\":\"https:\/\/koreapro.org\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/koreapro.org\/2023\/09\/imf-team-validates-yoons-economic-policy-supplying-political-capital\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/koreapro.org\/2023\/09\/imf-team-validates-yoons-economic-policy-supplying-political-capital\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/assets.korearisk.com\/uploads\/sites\/6\/2023\/09\/eb-3.png\",\"datePublished\":\"2023-09-06T23:00:19+00:00\",\"dateModified\":\"2023-09-08T08:52:51+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/koreapro.org\/2023\/09\/imf-team-validates-yoons-economic-policy-supplying-political-capital\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/koreapro.org\/2023\/09\/imf-team-validates-yoons-economic-policy-supplying-political-capital\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/koreapro.org\/2023\/09\/imf-team-validates-yoons-economic-policy-supplying-political-capital\/#primaryimage\",\"url\":\"https:\/\/assets.korearisk.com\/uploads\/sites\/6\/2023\/09\/eb-3.png\",\"contentUrl\":\"https:\/\/assets.korearisk.com\/uploads\/sites\/6\/2023\/09\/eb-3.png\",\"width\":1870,\"height\":1000},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/koreapro.org\/2023\/09\/imf-team-validates-yoons-economic-policy-supplying-political-capital\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/koreapro.org\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"IMF team validates Yoon’s economic policy, supplying political capital\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/koreapro.org\/#website\",\"url\":\"https:\/\/koreapro.org\/\",\"name\":\"Korea Pro\",\"description\":\"Be smart about South Korea. 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