Park Honggeun: "Rising Oil Prices Threaten the Vulnerable... Proactive Fiscal Policy Needed"

Policy Meeting on Livelihoods with the Ministerial Candidate for the Ministry of Planning and Budget

"Growth and Distribution Must Form a Virtuous Cycle Through Fiscal Policy"

Park Honggeun, the Ministerial Candidate for the Ministry of Planning and Budget, stated, "Uncertainties in the Middle East and rising oil prices could push the lives of the socioeconomically vulnerable into crisis," adding, "Fiscal policy needs to play a proactive role in responding to external shocks."

Hongkeun Park, nominee for Minister of Planning and Budget, is delivering opening remarks as the chair of the "Policy Meeting on Livelihood Stability" held on the afternoon of March 17 at the Korea Deposit Insurance Corporation in Jung-gu, Seoul. Ministry of Planning and Budget

On March 17, Park held a policy meeting focused on people's livelihoods and made these remarks. The meeting was organized to listen to voices from the field regarding the direction and priorities for supporting the livelihood economy that the Ministry of Planning and Budget will pursue, as well as to develop mid- to long-term strategic tasks.

In his opening remarks, Park said, "The life satisfaction of our citizens remains low compared to the OECD average," diagnosing that "rapid changes in the economic and social environment—such as the AI transformation, demographic cliffs, and the disappearance of regional communities—could heighten public anxiety." He further emphasized, "At times like this, it is crucial for the government to closely monitor people's lives at the right place and time, and to redesign the economic and social structure from a macro perspective."

Park also stated, "I see it as my calling to create a warm community where everyone prospers together," adding, "Through fiscal policy, we will promote policies that lay the foundation for the growth of all citizens by ensuring a virtuous cycle of growth and distribution and providing ladders of opportunity."

He particularly stressed the importance of thoroughly reviewing programs that support groups requiring social attention, such as youth, small business owners, and people with disabilities. Park said, "In addition to expanding public jobs, I will also strive to find ways for technological advancement and job creation to coexist, so that quality jobs continue to emerge in the private sector." He added, "It is important to strengthen support for region-led growth and win-win cooperation so that the regions and small and venture companies can establish themselves as pillars of growth."

The meeting was attended by Song Chiyoung, President of the Korea Federation of Micro Enterprises; Sung Misook, President of the Korea Women Venture Association; Kim Sanghyun, President of the Seoul Cooperative Council; Yang Hyukseung, Co-Chair of the Citizens' Coalition for Economic Justice; Kim Seol, President of the Youth Union; Yoon Jongsul, President of the Parents' Solidarity for the Disabled; Chung Heungjun, Professor at Seoul National University of Science and Technology; Ma Gangrae, Professor at Chung-Ang University; and Kim Taewan, Senior Research Fellow at the Korea Institute for Health and Social Affairs.

According to the Ministry of Planning and Budget, the participants pointed out that difficulties in the real economy persist across various sectors such as neighborhood businesses, the labor market, and youth. They agreed that the ministry’s strategic response is crucial for improving living conditions and establishing a robust social safety net.

In particular, they advised strengthening support for low-income groups in areas such as energy, agricultural and marine products, and public utility rates, and called for exploring mid- to long-term reforms to the social security system in order to build a basic social safety net. There was also a proposal to introduce a rural resettlement model linked to employment for the baby boomer generation.

This content was produced with the assistance of AI translation services.