서울국제포럼 The Seoul Forum for International Affairs(SFIA)

[외교안보•정치] [송경진 회원] Letter: Bold measures and global policy co-ordination need leadership (Financial Times 2020.03.11)

Date: 2020-03-11

 Letter: Bold measures and global policy co-ordination need leadership

Financial Times ┃ 송경진 파이낸셜뉴스 글로벌이슈센터장

입력 2020.03.11. 

 

The overall economic knock-on effect of the coronavirus epidemic will likely be wide and far, including less spending, reduced activities in manufacturing and services, fewer exports, and job losses. Companies have already deployed emergency management plans. The economic pain felt, especially by small and medium enterprises, is no less than that during and after the 2008 global financial crisis. What the world economy needs right now is resolute political leadership to ensure its recovery (“Virus downturn needs a global fiscal response”, editorial, March 10).

Governments should front-load budget spending as far as possible and employ big and bold fiscal measures, as they did post-2008. Governments with bigger fiscal space should implement bigger fiscal stimulus. The South Korean National Assembly approved a fiscal stimulus of $10bn this month, equivalent to 0.6 per cent of its gross domestic product. While its quick endeavour is to be commended, the size of fiscal stimulus need be bigger; it can be tripled or quadrupled, given the magnitude and severity of the economic impact and South Korea’s fiscal soundness. South Koreans can leave behind their tendency of over-worrying about the national debt, which stands fairly low, at 41.2 per cent of GDP, with the latest fiscal stimulus taken into account.

 

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기사 전문 출처: https://www.ft.com/content/ea758948-62bb-11ea-a6cd-df28cc3c6a68

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