Lee Jae-myung Government's Decisive Move... 20-Year National Strategy Coming Out | Park Hong-geun, Minister of Planning and Budget [Special Interview]
Summary
Minister Park Hong-geun of the newly established Ministry of Planning and Budget discusses the need for a long-term national strategy (2045 vision), active fiscal policy, expenditure restructuring, and balanced regional growth. He emphasizes speed and performance, citing rapid supplementary budget execution, and defends fiscal sustainability despite debt concerns. The interview focuses on institutional reforms, citizen participation in budgeting, and the government's commitment to structural change.
- The Ministry of Planning and Budget was created to formulate Korea's mid-to-long-term national strategy, absent for 20 years.
- Minister Park highlights the government's active fiscal stance as a pump-priming measure to create a virtuous cycle of growth and tax revenue.
- Record expenditure restructuring of 27 trillion won in 2027 budget, including mandatory spending cuts for the first time.
- New guidelines require 15% cuts in discretionary spending, 10% in mandatory spending, and 10% reduction in project counts.
- The 2045 National Strategy Committee launched to address five major structural reforms and prepare for future challenges.
- Government prioritizes balanced growth through regional preference principles and special development zones like Gwangju-Jeonnam.
- National fiscal health is sound by international standards (low debt-to-GDP), with active management of fiscal risks.
- Citizen participation in budgeting is being expanded; proposal submissions doubled in 2027 compared to previous year.
