Korea not considering extra budget for 2023

Finance Minister Choo Kyung-ho said Tuesday that South Korea is not considering seeking an extra budget for next year if its economic growth falls in line with expectations, Yonhap reported.

Last week, the Ministry of Economy and Finance lowered the country's 2023 economic growth to 1.6 percent from the previous estimate of 2.5 percent made in June, citing global monetary tightening moves and weaker exports. "We are not considering an extra budget if the economic trend remains within the government's expectations, unless there are major disasters or external economic jitters," Choo told reporters.

The minister added that market watchers from home and abroad are suggesting the South Korean economy may improve in the second half of 2023, hinting that the country is not in an urgent need for an extra budget. Choo added an extra budget is only needed when the country faces unexpected situations such as war, massive unemployment or a recession.

"We need to be extra prudent when reviewing an extra budget just because (the country's) potential economic growth has slowed," Choo said.

"Of course, economic situations may change, and we can review (an extra budget) depending on situations," Choo added while pointing out that the current administration will not make light of an extra budget.

During the meeting with reporters, Choo said while it is inevitable to raise electric bills in 2023 amid the soaring energy prices, the country will consider raising gas prices after the first quarter to ease the financial burden on the people during the winter season. Austria has planned to make five demands at an upcoming EU summit in Brussels that urgently need to be implemented at the EU level, Austrian daily Krone reported.

The federal government has already taken "several other measures to ensure that the asylum brake is effective and that the asylum pressure on Austria is reduced," Krone quoted an unnamed official from Vienna as saying.

At least two people died after a powerful earthquake struck off the coast of northern California on Tuesday, triggering rockslides and cutting power to tens of thousands.

The relatively shallow 6.4-magnitude quake hit overnight, 25 miles (40 kilometers) southwest of the port city of Eureka, in Humboldt County, the US Geological Survey (USGS) said. County emergency officials said there was significant damage in the Eel River Valley community.

"Approximately 11 individuals have been reported as injured," the sheriff's office said.

"Additionally, two individuals have died as a result of medical emergencies occurring during and/or just following the earthquake."

The office gave no about the deaths.

Around 70,000 customers remained without power, with Pacific Gas and Electric Company not able to say when it will be restored.

"Damage assessments are currently underway, with significant structural damages, including gas and water lines, observed in the Rio Dell community and moderate damages to properties throughout the Eel River Valley," the sheriff's office said.

A series of aftershocks were recorded in the wake of the quake, with the USGS predicting more over the coming days in the area, which is 250 miles northwest of San Francisco.

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