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Gov't may use supplementary budget to try to solve S. Korea's job crisis Updated: 2018-03-15 09:21:29 KST

The Ministry of Strategy and Finance is worried that February's slowdown in the number of new jobs created might continue in March.

According to Yonhap News Agency, an official from the ministry said that there is a possibility that the unemployment rate for March will increase, adding that the ministry will come up with a solution using all available measures such as the budget, finance and tax systems.

Speaking to reporters on Tuesday, the nation's finance minister Kim Dong-yeon also showed enthusiasm for a supplementary budget.
He said that the final decision would likely be made on Thursday, when the government will announce its countermeasures to the employment crisis at the presidential office of Cheong Wa Dae.

An economic expert stressed the seriousness of the current employment situation in Korea, adding that there's a high possibility that the government will once again draw up a supplementary budget.

"Because the current government has already been implementing the supplementary budget at the size of 11 trillion last year, to create more jobs, no matter how significant or how effective the supplementary budget in the past, the current government thinks that job creation is so important and it's at a serious stage at the moment so i think the gov't will try to implement a new kind of budget this time."

Another expert, who also shares the same thoughts, said that improving the business environment could help solve the crisis in the long run.

"I think at this point, it is inevitable that the government will try to solve the current unemployment crisis in Korea through a supplementary budget.
But since jobs are created by companies, I think what's more important in solving the problem in the long-term, is to improve the business environment, so that firms can afford to create more jobs."

Kim Mok-yeon, Arirang News.
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