Signboard of the Finance Ministry at Government Complex Sejong (Yonhap)
SEJONG -- Policymakers on Friday have unveiled a monthslong consumption campaign offering discount vouchers for the leisure and sports sectors, as the country eases social distancing and slowly returns to normal.
At a meeting to monitor consumer prices and economic policies on Friday, Vice Finance Minister Lee Eog-weon said the government will provide households with discount vouchers that can be used when booking lodging facilities and buying tickets to watch professional sports leagues.
He suggested that the move will help promote consumption and ease the household burden of rising retail prices.
Until the end of June, the government will subsidize 30,000 won ($24.3) for one-day bookings over 70,000 won at accommodations including hotels. A discount of 20,000 won will be offered for reservations that are 70,000 won or under.
Lee said the discounts “will be available at about 70,000 lodging facilities nationwide.”
Until the end of July, the government will issue discounted tickets for soccer, baseball, basketball and volleyball professional league games. Up to 7,000 won discounts will be offered per ticket for a total of 400,000 tickets.
In addition, the government will also consult the film industry on cutting down cinema ticket prices, as part of its effort to keep a lid on rising consumer prices.
The vice finance minister also expressed worries over the downside risks the economy faces.
“External and domestic uncertainty surrounding the local economy has deepened,” the vice finance minister said. “A recovery in domestic demand has been restricted due to the spread of (the omicron variant), with consumer prices continuously climbing from a glitch in international supply raw materials.”
He pointed to the Ukraine-Russia war, interest rate hikes in major economies and global inflationary pressure as the major external risks.
“The government will take preemptive measures to tame inflation and minimize damages from external risks,” he said.
By Kim Yon-se (email@example.com)