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Wednesday, October 28, 2020, 14:03
ROK's Moon aims to revive economy having contained virus
By Bloomberg
Wednesday, October 28, 2020, 14:03 By Bloomberg

Moon Jae-in, president of the Republic of Korea, speaks during the opening ceremony of the 21st National Assembly at the National Assembly in Seoul, ROK, on July 16, 2020. (PHOTO / BLOOMBERG)

The Republic of Korea's (ROK) President Moon Jae-in said his country has contained the coronavirus as he sought a budget increase to help the pandemic-hit economy recover.

ROK President Moon Jae-in called for strengthening the government’s fiscal role next year by increasing the budget by 8.5 percent. He also vowed to make the country carbon-neutral by 2050

Speaking in parliament on Wednesday, Moon also vowed to make ROK carbon-neutral by 2050, putting a date on the goal in line with one proposed by his progressive ruling party. It also aligns the country with commitments made by other major economies including the European Union, China and Japan.

Moon called for strengthening the government’s fiscal role next year by increasing the budget by 8.5 percent. ROK’s vigorous response in fighting the pandemic has helped boost Moon’s political standing at home and led to a stronger-than-expected rebound from its pandemic-triggered recession.

“By reinforcing the active role of fiscal policy, we can quickly overcome the crisis,” Moon said.

Moon said now is the time for a clear economic rebound, while also cautioning the country still runs the risks of a virus resurgence. He spoke a day after data showed gross domestic product increased 1.9 percent in the three months through September from the prior quarter. Economists had forecast 1.3 percent growth, following two quarters of contraction.

ALSO READ: Biggest export jump since 1986 fuels S. Korea recession rebound


ROK has seen some of the lowest death figures from COVID-19 of any advanced economy, with a total of about 460 since the start of the pandemic as of Wednesday. It is recovering from recession in a stronger position than most developed nations, aided by its exports recovery, stimulus measures and its relatively successful containment of the coronavirus.

Moon’s administration has been lauded globally for containing outbreaks without a lockdown, relying on rapid testing and contact-tracing

“Based on our confidence from the coronavirus quarantine, we will pursue policies that would boost our consumption level,” Moon said, adding he will press forward with his long-standing policy priorities of job creation and trying to bring down runaway real estate prices.

Moon’s administration has been lauded globally for containing outbreaks without a lockdown, relying on rapid testing and contact-tracing.

Moon also vowed to increase defense spending, while saying he will keep pushing for the denuclearization of the Democratic People's Republic of Korea (DPRK). Moon saw his rapprochement with Pyongyang take a hit in June when it blew up a US$15 million liaison office that ROK built two years ago north of the border.

READ MORE: ROK ruling party chief hopes for breakthrough in ties with DPRK

While seeking to defuse tensions with DPRK, Moon’s government outlined a new five-year military blueprint a few months ago that will allow the country to project its military might in more places beyond the peninsula through the acquisition of weapons systems such as an aircraft carrier.

“Peace is the way of coexistence for both South and North Korea,” Moon said.

The ROK is also referred to as South Korea, and DPRK as North Korea.


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