Economics SL IA on Macroeconomics topic. I got 7 from my teacher. The article was chosen from The Indian Express.
South Korea President Moon asks lawmakers foe swift approval of extra budget
South Korean President Moon Jae-in said on Monday unemployment was “very serious” and it could turn into a national catastrophe unless addressed, and urged parliament to pass a proposed extra budget to put more people to work. Moon made a lengthy speech at the National Assembly to explain why the economy needed a boost in fiscal spending of 11.2 trillion won ($9.95 billion) in the second half of this year, which is aimed at creating 71,000 public sector jobs and 15,000 private sector jobs.
“If we leave our current jobless situation as is, there are concerns it may later return to us as an economic crisis equaling a national catastrophe,” said Moon in an unprecedented call for an extra budget.
His parliamentary address is the first ever on an extra budget by a president, underscoring his commitment to his job-creation agenda. Moon, who won a May election, promised to create 810,000 public sector jobs within his single five-year term, hoping to resolve soaring youth unemployment hovering near a record high of 11.2 percent as of April this year.
Both parties in the conservative opposition – the Liberty Korea Party and the Bareun Party – have opposed the proposed extra budget, posing a challenge to Moon’s ruling Democratic Party in passing the bill as it needs the support of more than 30 opposition lawmakers.
Moon’s party only holds 40 percent of the 299 seats in the National Assembly. In his speech, Moon also said income inequality was worsening in Asia’s fourth largest economy, and the government can help to resolve it if the National Assembly approved the extra budget designed to boost jobs and household income.
About 8.8 trillion won of the extra budget will be financed by excess tax revenue expected this year, while the remaining 2.4 trillion will come from government revenue left over from 2016 and public funds managed by state-owned companies…
- Total number of pages: 7 pages
- Topic: South Korea President Moon asks lawmakers foe swift approval of extra budget
- Subject: Economics
- The file is in PDF format.