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Finance Minister: S. Korea to Grow 2.5% This Year Without Extra Budget

Written: 2016-07-12 17:21:34Updated: 2016-07-12 19:27:14

Finance Minister: S. Korea to Grow 2.5% This Year Without Extra Budget

Finance Minister Yoo Il-ho has urged the National Assembly to swiftly pass bills for a supplementary budget and economic revitalization.

Before the parliamentary committee on budget and accounts on Tuesday, the minister said that the government would submit a supplementary budget bill to the parliament as soon as possible.

He said that with the extra budget, the government can overcome economic difficulties, create jobs and produce effects that can actually be felt by the people.

Yoo said last year, the extra budget was believed to have helped raise the country’s economic growth by two-tenths of a percentage point. He said that the country’s growth rate marked two-point-six percent last year, but without the extra budget, it would have been under two-point-five percent.

The minister projected that the country's economy is expected to grow two-point-eight percent this year, but the figure would be around two-point-five percent without the extra budget.

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