He was particularly combative with regard to the AfD. If there were any doubts about the stability of the firewall against right-wing extremists, then he dispelled them with a decisive attack against the AfD. He launched an attack against the right-wing radicals and the CDU party conference rewarded this determination with stormy applause. A little more offense wouldn’t have hurt either. It remains to be seen how far he can carry this spirit of optimism and new determination through the 2024 election year. The results of the elections in Europe and the three Eastern countries will also determine the CDU’s willingness to follow its leader.
Also read: Friedrich Merz is working on his sympathy problem
This article comes from the WiWo newsletter Daily Punch. The newsletter delivers the daily commentary from the WiWo editorial team to your inbox. Always to the point, always with punch. Also in Punch: an overview of the five most important topics of the day. You can subscribe to the newsletter here.
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Domestic demand recovery is urgent, but livelihood support funds are burdensome… Ministry of Strategy and Finance deeply concerned about supplementary budget
Ministry of Strategy and Finance plans to hold national fiscal strategy meeting on the 9th
Increase the level of pressure on the supplementary cervical spine… “Negotiations will begin”
President’s Office concerned about “price pressure”… “Something like a drug”
Financial capacity is tight… Sound fiscal stance expected to be maintained
As domestic demand recovery is delayed due to high interest rates, the government is struggling to come up with countermeasures. The opposition party is increasing the level of pressure, saying it will begin negotiations to secure a supplementary budget for the ‘People’s Livelihood Recovery Support Fund’, but the fiscal authorities are not taking a negative stance on this, so conflict is expected to be inevitable.
According to the Ministry of Strategy and Finance on the 6th, the government plans to hold a national fiscal strategy meeting on the 9th. It is expected that next year’s budget and financial outlines for the next five years will be drawn up at this meeting.
Previously, the Ministry of Strategy and Finance announced the guidelines for next year’s budget at the end of last month and announced its policy to adhere to a sound fiscal policy of reexamining all financial projects, reducing budgets for low-performing projects and cutting discretionary expenditures, excluding essential needs such as national tasks, by more than 10% for two consecutive years. .
However, the ruling party suffered a crushing defeat in last month’s general election, and the opposition party is putting pressure on the government to change its fiscal policy. Lee Jae-myeong, leader of the Democratic Party of Korea, requested at a summit meeting last month to actively consider providing support for people’s livelihood recovery worth 250,000 won per person.
Next, Park Chan-dae, the new Democratic Party floor leader, said, “We will begin negotiations to secure a supplementary budget to support people’s livelihood recovery.” The opposition party points out that the government has fallen into a trap of a vicious cycle in which consumption stagnates and tax revenues decline as the government implements fiscal austerity.
Accordingly, the President’s Office is expressing a negative stance on livelihood support funds. There are concerns about inflation as cash support will further stimulate high prices. Following President Yoon’s criticism that it was “like a drug,” Seong Tae-yoon, head of the Presidential Office’s policy office, drew a line, saying, “Spending money on all citizens has the potential to put pressure on prices.”
From the perspective of the fiscal authorities, the current supplementary budget is bound to be burdensome. This is because issuance of deficit government bonds to prepare supplementary budget in a situation where fiscal space is tight can worsen the national fiscal situation.
Korea’s national debt (D1) in 2023 is 1,126.7 trillion won, already exceeding 50% of gross domestic product (GDP). This is the result of a record-breaking tax revenue collapse last year that increased national debt by nearly 60 trillion won. According to the International Monetary Fund (IMF), Korea’s government debt to GDP ratio is expected to increase to 59.4% in 2029.
The fiscal authorities are taking a negative stance on the supplementary budget, citing the fact that the current economic situation does not meet the statutory supplementary budget preparation requirements. According to Article 89 of the National Finance Act, the government can organize a supplementary budget when a war or large-scale disaster occurs, or when significant changes have occurred or are expected to occur in economic recession, mass unemployment, changes in inter-Korean relations, or economic cooperation.
Previously, the government had prepared a supplementary budget four times in 2020 and twice in 2021 and 2022 to overcome the COVID-19 pandemic crisis. The opposition party is citing our current economic crisis as the reason, but the first quarter gross domestic product (GDP) growth rate was higher than expected at 1.3%, and the momentum for preparing the supplementary budget has weakened. This is because consumption indicators have been confirmed to be solid, unlike the perceived economy.
The Ministry of Strategy and Finance is expected to outline a budget plan at this fiscal strategy meeting in a way that maintains a sound fiscal stance. An official from the Ministry of Strategy and Finance said, “The story that the economy will improve and create a virtuous cycle like in the past by injecting finances is actually almost unrealistic,” and added, “The government’s policy of sound finances will not change in the grand scheme of things.”
[세종=뉴시스]
Hot news now
BTP Expo 2024 from May 29 to June 1 in Marrakech
The 6th edition of the BTP Expo & Forum, on the theme “Building the Morocco of Tomorrow: Horizon 2030”, will be held from May 29 to 1is June 2024, at the Marrakech Parc Expo. With more than 150 national and international exhibitors representing 25 countries, and nearly 40,000 professional visitors expected, BTP Expo aims to offer a platform for exploring new partnership and investment opportunities. Exhibitors will have the opportunity to explore the latest innovations, while professional visitors will be able to strengthen their networking and discover the trends and issues that will shape the future of national and international construction.
It is still important to remember that the construction sector today occupies a crucial place in Morocco’s national economy, representing more than 6% of the added value produced. The sector thus contributes significantly, with more than 50%, to gross fixed capital formation (GFCF). In addition, it provides employment for more than 1.2 million people. Despite the challenges faced in recent years, such as the Covid-19 pandemic, geopolitical tensions such as the Russo-Ukrainian crisis and the war on Gaza, as well as natural events such as persistent drought and earthquakes, the sector remains resilient. The economic situation marked by the deterioration of purchasing power and inflation has not diminished its vitality.
With Morocco’s ambition to become an Africa-Americas-Europe hub, the prospects for transnational projects are more promising than ever. Initiatives such as the Atlantic Initiative and the Nigeria-Morocco Gas Pipeline are opening new avenues of collaboration and business opportunities. In addition, the country’s preparation to host sporting events of continental and global scale means major modernization projects at all levels, providing fertile ground for construction players wishing to position themselves on projects of global scale. .
In this context, this 6th edition presents itself as a catalyst for this dynamic, offering a space of exchange conducive to networking, sharing experiences and discovering the latest innovations and technologies. It will cover a wide range of essential sectors of activity, including infrastructure and transport, finishing work, real estate development, construction materials, electrical equipment, construction machinery and equipment, as well as many other areas. keys to the industry.
The organizers will also offer B2B sessions and demonstrations of construction equipment, knowing that the show and the forum are open to professionals but also to the general public.
At the start of 2024, all of these promising prospects are encouraging stakeholders in the construction ecosystem, both private and public, to mobilize broadly to meet these challenges. Professionals in the sector are therefore called upon to adapt to the situation and modernize, while undertaking structural reforms to meet the requirements of the construction industry of the 21th century…
H.Z
#BTP #Expo #June #Marrakech
– 2024-05-06 12:56:14
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