South Korea Needs Tax Cuts to Stop Stagflation, Ex-Minister Says

Yoo Il-ho says labor reforms, cutting of red tape needed too
High housing, education prices are behind fewer kids, he adds

WATCH: Former South Korean Finance Minister Yoo Il-ho says tax cuts and regulatory changes can help avert stagflation as the central bank keeps raising interest rates to curb inflation.Source: Bloomberg

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By Sam Kim (News) and Kathleen Hays

November 22, 2022 at 10:00 PM UTC

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South Korea should turn to tax cuts and regulatory reforms to avert stagnation as interest rates rise and inflation remains elevated, a former finance minister said.

Policy makers should push to lower the corporate tax rate, get rid of needless red tape and conduct labor reforms, former Finance Minister Yoo Il-ho told Bloomberg TV’s Kathleen Hays.