Anchor: President Yoon Suk Yeol delivered a speech to parliament on Tuesday, calling for the passage of his government's 2024 budget of 657 trillion won, or some 487 billion U.S. dollars. While defending his belt-tightening fiscal approach, Yoon said he will place his immediate focus on protecting the livelihoods of the people amid a hostile global economic situation while continuing his efforts to change the constitution of the economy.
Kim Bum-soo has more. 

Report: President Yoon Suk Yeol attributed worsening external conditions facing the export-driven South Korean economy to armed conflicts in Europe and the Middle East.

During his speech at the National Assembly on Tuesday, Yoon explained that his immediate focus is placed on preventing negative global factors from reaching the public livelihoods.

[Sound bite: President Yoon Suk Yeol (Korean-English)]
"While thoroughly managing macroeconomic risks with extra caution, the government is focusing on economic recovery and stabilizing the public’s livelihoods. As we closely monitor the economic security of the nation 24-7, we are checking on our case-specific contingency measures to ensure swift responses are ready at all times."

To ride out the downturn, the president said that the government will try to boost exports and revitalize demand at home.

The government must, however, maintain a contractionary fiscal policy, according to Yoon.

[Sound bite: President Yoon Suk Yeol (Korean-English)]
“The 2024 (government) expenditure will rise by the lowest level since 2005 at two-point-eight percent in order to maintain a healthy fiscal structure. The government restructured the fiscal expenditure by 23 trillion won."

He said 23 trillion won, or around 17 billion U.S. dollars, in restructured funds will be redirected to bolster national defense, education and health, as well as to protect the socially vulnerable.

Amid repeated calls by opposition parties for expanded fiscal spending, Yoon argued that his belt-tightening measures are necessary in order to avoid saddling coming generations with debt.

Instead, Yoon said that the nation now has to renovate the structural paradigm of its economy for sustainable growth. For that, the president reiterated that his administration will continue his signature campaigns seeking to reform the nation's labor and education sectors and the state pension program.

Calling South Korea a Global Pivotal State, Yoon also urged support for increasing the government's official development aid for developing countries by two trillion won, or one-point-48 billion U.S. dollars, to a record level exceeding six trillion won.
Kim Bum-soo, KBS World Radio News.