South Korea Foresees No Tax Revenue Shortfall in 2024, Says Finance Minister

SEOUL: South Korea's Finance Minister Choi Sang-mok has expressed confidence that the country will not experience a tax revenue shortfall in 2024. This comes despite the economic challenges faced last year when tax revenue decreased by nearly 50 trillion won. Choi's statement was made in response to concerns about the impact of recent tax relief measures on the state's financial health.

According to Yonhap News Agency, in an interview with public broadcaster KBS, there has been an increase in tax revenue since the last quarter of 2023, and the government anticipates a virtuous cycle stimulated by an expected economic recovery. He asserted that the economy is projected to grow 2.2 percent this year, an acceleration from last year's 1.4 percent. Additionally, Choi emphasized efforts to control inflation, which is expected to be at 2.6 percent in 2024, compared to 3.6 percent in the previous year.

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