New Laws of Commercial Registration and Trade Names take effect on Thursday    Civil Defense warns of heavy rains across Saudi Arabia until Monday    Saudi Exchange suspends trading of seven companies over financial disclosure delays    New fleet of 76 public transport buses starts operation in Jeddah on Tuesday Environmentally friendly electric buses introduced for first time    Foreign investors are allowed to engage in real estate business outside Makkah and Madinah Commercial speculation should not be the purpose of real estate transaction    EU preparing 'further countermeasures' to protect its interest, von der Leyen says    Tesla sales plunge after backlash against Elon Musk    Musk's X is suing India, as Tesla and Starlink plan entry    Israel announces expansion of military operation in Gaza to seize 'large areas' of land    US cancels visa of Nobel Peace Prize winner Oscar Arias    Danish prime minister refutes US claim on Greenland on visit to the Arctic territory    Aubameyang fires Al Qadsiah into King's Cup final with stoppage-time winner over Al Raed    Cristiano Ronaldo joins Fatal Fury: City of the Wolves    Saudi Arabia welcomes trilateral border treaty between Tajikistan, Kyrgyzstan, and Uzbekistan    Swedish table tennis legend Jörgen Persson appointed head coach of Saudi national team    Danilo Pereira fires Al Ittihad into King's Cup final with dramatic stoppage-time double    Screen time in bed linked to insomnia, study finds    Mexico bans junk food in schools to fight childhood obesity epidemic    Sweet sales surge ahead of Eid as Saudi chocolate imports top 123 million kg in 2024    Saudi creatives shine at Jeddah's Fawanees Nights with art, fashion, and storytelling    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    King Salman prays for peace and stability for Palestinians in Ramadan message King reaffirms Saudi Arabia's commitment to serving the Two Holy Mosques and pilgrims    Bollywood star Saif Ali Khan 'out of danger' after attack at home in Mumbai    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Fiscal policy sees more active role in economy management
Published in The Saudi Gazette on 22 - 05 - 2017

South Korea›s finance minister-nominee said on Sunday fiscal policy should play a more active role in economic management in order to tackle low economic growth and soaring youth unemployment.
Speaking hours after his nomination by President Moon Jae-in, Kim Dong-yeon, who has spent more than a decade at the nation›s budget office, said his team would draft a supplementary budget after his official appointment.
Kim said youth unemployment, running as high as 23 percent according to some estimates, warranted an extra budget for Asia›s fourth largest economy. Official figures show youth unemployment at 11.2 percent in April.
If the current trend of unemployment continued, Kim told reporters, «it will threaten potential growth so the current situation warrants a more active fiscal policy.» He did not elaborate on the amount of the extra budget.
During an election campaign President Moon had pledged a 10 trillion won ($8.96 billion) extra budget before the end of the year, to sit on top of a 400.5 trillion won budget for 2017 approved by parliament last year.
Kim, who will double as deputy prime minister for economy, will become President Moon Jae-in›s first finance chief. Aside from high unemployment, he faces other pressing economic challenges including swelling household debt and increasing demand for welfare.
But despite calling for an expansionary fiscal policy, Kim said spending increases would be below 7 percent a year.
«Seven percent increase (a year) would be too hasty,» he said,
Separately, Kim also said he will try to extend a bilateral currency swap deal with China which expires in October.
«Currency swaps aren›t the only safety nets and hence we will try to comprehensively consider other measures. But it seems necessary to extend the currency swap to cement existing financial safety nets,» Kim said.
President Moon does not need parliamentary approval to appoint a finance minister, but Kim needs to attend a hearing at the National Assembly. — Reuters


Clic here to read the story from its source.