Budget minister calls for 'virtuous cycle' of spending, growth and tax revenue
Korea's budget minister on Thursday stressed the need to establish a "virtuous cycle" of proactive fiscal spending, economic growth and higher tax revenue, noting the government's proposed Future Fund could play a key role in achieving this goal. Budget Minister Park Hong-geun made the remarks during a parliamentary audit at the National Assembly, outlining the ministry's vision for pursuing…
Korea's budget minister called for a "virtuous cycle" of proactive fiscal spending, economic growth, and increased tax revenue. During a parliamentary audit, Park Hong-geun, the budget minister, emphasized the government's Future Fund as a pivotal tool to achieve this objective. The Future Fund, set to launch next year, will utilize windfall tax revenue from the semiconductor boom to invest in sustainable economic growth.
Park stressed the importance of restructuring spending to ensure the long-term financial sustainability of the country, highlighting the role of proactive fiscal spending in driving growth, which in turn generates higher tax revenue.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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