After the Third Supplementary Budget of 2020 to support job security and the Korean New Deal, government debt is set to reach KRW 839.4 trillion (USD 760 billion) or 43.5% of GDP compared with KRW 740.8 trillion (USD 677 billion) in 2019, according to the Korean Ministry of Economy and Finance. The policy document appeared in line with the government’s proactive approach to the Covid-19 crisis, with South Korean President Moon Jae-in taking decisive action to fight the coronavirus since early 2020, and mobilising medical, digital, and fiscal measures, including more deficit spending, to do so. Amid the on-going Covid-19 crisis, the South Korean government published its forward-looking Korean New Deal: National Strategy for a Great Transformation in July 2020 as a road map for the country of 51 million in a post-pandemic world.
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