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S.Korea's Moon says GDP growth could surpass 3 pct with extra budget -official
July 12, 2017 / 6:34 AM / 2 months ago

S.Korea's Moon says GDP growth could surpass 3 pct with extra budget -official

SEOUL, July 12 (Reuters) - South Korea’s President Moon Jae-in said on Wednesday the country’s economic growth could top 3 percent this year if parliament approves an extra budget currently under discussion, a senior presidential official told reporters.

“If the extra budget is passed and we do well, we might see (growth) over 3 percent,” the official said, citing comments made by the president at a meeting with key state institution heads earlier in the day. The official asked not to be named due to the sensitivity of the matter.

The country’s parliament is currently debating a $10 billion fiscal package aimed at creating new jobs, a key policy goal for Moon.

Despite repeated pleas by the government for the extra budget to be approved, the ruling Democratic Party faces an uphill to get the nod task as it doesn’t have a majority in parliament nor the full backing of opposition parties.

South Korea’s economy grew 2.8 percent in 2015 and 2016 each. Growth last topped 3 percent in 2014, when gross domestic product expanded 3.3 percent. (Reporting by Christine Kim; Editing by Shri Navaratnam)

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