Seoul: Prime Minister Kim Min-seok stated that revitalizing the nation's sluggish economy is more important than managing national debts, asserting that the debt level remains "manageable."
According to Yonhap News Agency, Kim made these remarks during a parliamentary interpellation session at the National Assembly, responding to an opposition lawmaker's inquiry about the government's debt management strategies. Kim emphasized the priority of reversing the negative economic growth trend over focusing solely on national debt concerns.
Kim assured that while South Korea's total debt is at a "manageable" level compared to other countries, the government continues to view the issue with seriousness. He underlined the necessity of restoring the growth rate alongside managing the debt level as the most suitable policy approach at this time.
Data released by the Bank of Korea indicated that the South Korean economy grew by 1 percent last year, despite a downturn in the construction sector. In the final quarter of the year, the economy unexpectedly contracted by 0.3 percent from the previous quarter, marking its first contraction in six months.