{"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&#8217;s economic policy, supplying political capital"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">The International Monetary Fund (IMF) <\/span><a href=\"https:\/\/www.imf.org\/en\/News\/Articles\/2023\/09\/05\/pr23304-republic-of-korea-imf-staff-completes-2023-article-iv-mission\"><span style=\"font-weight: 400;\">underscored<\/span><\/a><span style=\"font-weight: 400;\"> 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<p><span style=\"font-weight: 400;\">The Yoon administration <\/span><a href=\"https:\/\/www.president.go.kr\/president\/speeches\/mHxYV8eU\"><span style=\"font-weight: 400;\">unveiled<\/span><\/a><span style=\"font-weight: 400;\"> 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<p><b>Why It Matters<\/b><\/p>\n<p><span style=\"font-weight: 400;\">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><a href=\"https:\/\/www.yna.co.kr\/view\/AKR20230906126100001?section=news\"><span style=\"font-weight: 400;\">remarks<\/span><\/a><span style=\"font-weight: 400;\"> on Wednesday, which described the previous Moon Jae-in administration\u2019s economic approach as \u201cquite irresponsible.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">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><a href=\"https:\/\/www.kocis.go.kr\/eng\/webzine\/201810\/sub10.html\"><span style=\"font-weight: 400;\">income-led growth<\/span><\/a><span style=\"font-weight: 400;\">.\u201d Democratic Party leader Lee Jae-myung previously <\/span><a href=\"https:\/\/en.yna.co.kr\/view\/AEN20220114009000315\"><span style=\"font-weight: 400;\">proposed<\/span><\/a><span style=\"font-weight: 400;\"> an expansive government budget in 2022 and <\/span><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-10-11\/basic-income-backer-wins-south-korea-ruling-party-presidency-bid#xj4y7vzkg\"><span style=\"font-weight: 400;\">supported<\/span><\/a><span style=\"font-weight: 400;\"> 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<div class=\"content-tags\"><a href=\"https:\/\/koreapro.org\/tag\/business-economy\/\"><span class=\"tag\">Business &amp; Economy<\/span><\/a><a href=\"https:\/\/koreapro.org\/tag\/domestic-politics\/\"><span class=\"tag\">Domestic Politics<\/span><\/a><\/div>","protected":false},"excerpt":{"rendered":"<p>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 [&hellip;]<\/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":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>IMF team validates Yoon&#039;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&#039;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. 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