Hosting of a Grand Debate on National Finance in Celebration of the 70th Constitution Day
On Monday July 16th, 2018, NABO (Chief: Chunsoon Kim) held a Grand Debate on National Finance in Celebration of the 70th Constitution Day to review the role of national finance in the context of economic development over the past 70 years and discuss a new paradigm for national finance in an altered policy environment.
NABO Chief Kim Chunsoon explained that as we celebrate the 70th anniversary of the adoption of the constitution, this debate was prepared for the National Assembly and academia to come together and reflect upon the role of national finance within the context of economic growth and explore the role finance will play in the coming years.
Speaker of the National Assembly, Moon Hee-sang highlighted the overwhelming number of challenges such as social polarization, youth unemployment and decreasing working population, despite Korea’s remarkable economic growth over the past 70 years, and conveyed his hopes that this debate will serve as a stepping stone towards a bright future for public finance.
The moderator of the debate was Dr. Oh Yeon-cheon, President of the University of Ulsan (former SNU president). The first presentation on National Development and the Role of Finance was given by Dr. Kim Seong-tae of Cheongju University. Dr. Kim stressed that finance has played a strong role in driving economic growth, and that it is time to shift the finance paradigm to tackle new challenges such as low birth rates and aging.
The second presentation on the Future Issues and Roles of Korea’s Finance was given by Dr. Ha Yeon-seob of Yonsei University, who pointed out that the population structure, technological changes and the shift in inter-Korean relations could become major factors in increasing fiscal burden. He stressed that in the future, fiscal management should be undertaken in a transparent manner based on the people’s demands.