{"id":2202479,"date":"2023-10-13T08:00:21","date_gmt":"2023-10-12T23:00:21","guid":{"rendered":"https:\/\/koreapro.org\/?p=2202479"},"modified":"2023-10-12T17:19:58","modified_gmt":"2023-10-12T08:19:58","slug":"south-koreas-rising-national-debt-will-likely-solidify-yoons-fiscal-policy","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2023\/10\/south-koreas-rising-national-debt-will-likely-solidify-yoons-fiscal-policy\/","title":{"rendered":"South Korea\u2019s rising national debt will likely solidify Yoon\u2019s fiscal policy"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">South Korea\u2019s <\/span><a href=\"https:\/\/www.moef.go.kr\/nw\/nes\/detailNesDtaView.do?searchBbsId1=MOSFBBS_000000000028&amp;searchNttId1=MOSF_000000000066090&amp;menuNo=4010100\"><span style=\"font-weight: 400;\">national debt<\/span><\/a><span style=\"font-weight: 400;\"> exceeded $823.15 billion (1,100 trillion won) by the end of August, a development punctuated by a simultaneous contraction in the fiscal deficit, as indicated by recent data from the ROK Ministry of Economy and Finance. This increased debt exceeds the government\u2019s own annual forecast.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Meanwhile, the government\u2019s revenue exhibited a year-on-year decline of about $33 billion (44.2 trillion won). Instrumental to this downturn was a 16.5% reduction in tax revenue, aggregating $180.8 billion (241.6 trillion won). Concurrently, a reduction in government spending by $47.5 billion (63.5 trillion won) correlates with curtailed spending on pandemic-contingent subsidies and projects.<\/span><\/p>\n<p><b>Why It Matters<\/b><\/p>\n<p><span style=\"font-weight: 400;\">South Korea\u2019s escalated national debt and the decrease in tax revenue will likely solidify President Yoon Suk-yeol\u2019s commitment to his <\/span><a href=\"https:\/\/koreapro.org\/2023\/08\/yoon-braces-for-political-battle-as-he-unveils-dramatically-scaled-back-budget\/\"><span style=\"font-weight: 400;\">conservative economic agenda<\/span><\/a><span style=\"font-weight: 400;\">, underscoring the urgency for fiscal restraint. Yoon will also likely attribute the record-breaking national debt to former President Moon Jae-in\u2019s fiscal policies, which Prime Minister Han Duck-soo described in September as \u201c<\/span><a href=\"https:\/\/www.ytn.co.kr\/_ln\/0101_202309070103213541\"><span style=\"font-weight: 400;\">irresponsible<\/span><\/a><span style=\"font-weight: 400;\">.\u201d Yoon will likely position his fiscal conservatism as a necessary corrective to prior economic policies.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While Yoon\u2019s conservative fiscal philosophy, illustrated by the modest increase in the 2024 budget proposal, is aimed at curbing national debt and instilling fiscal discipline, it also raises questions about potential impacts on domestic investment and key sectors such as <\/span><a href=\"https:\/\/www.koreatimes.co.kr\/www\/tech\/2023\/09\/129_356861.html\"><span style=\"font-weight: 400;\">research and development<\/span><\/a><span style=\"font-weight: 400;\">. Politically, as the nation approaches the parliamentary elections in April, Yoon\u2019s fiscal conservatism is likely to be a double-edged sword. While it might resonate with voters who favor fiscal responsibility, it also exposes the administration to scrutiny, particularly from those who argue that the stringent budgeting approach risks neglecting investment in key sectors poised for future growth and potentially underfund essential social welfare initiatives.<\/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>South Korea\u2019s national debt exceeded $823.15 billion (1,100 trillion won) by the end of August, a development punctuated by a simultaneous contraction in the fiscal deficit, as indicated by recent data from the ROK Ministry of Economy and Finance. This increased debt exceeds the government\u2019s own annual forecast.\u00a0 Meanwhile, the government\u2019s revenue exhibited a year-on-year [&hellip;]<\/p>\n","protected":false},"author":10407,"featured_media":2202480,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[24,27],"class_list":["post-2202479","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>South Korea\u2019s rising national debt will likely solidify Yoon\u2019s fiscal policy - 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\/10\/south-koreas-rising-national-debt-will-likely-solidify-yoons-fiscal-policy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"South Korea\u2019s rising national debt will likely solidify Yoon\u2019s fiscal policy - KOREA PRO\" \/>\n<meta property=\"og:description\" content=\"South Korea\u2019s national debt exceeded $823.15 billion (1,100 trillion won) by the end of August, a development punctuated by a simultaneous contraction in the fiscal deficit, as indicated by recent data from the ROK Ministry of Economy and Finance. 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