South Korea’s new President Moon Jae-in is likely to pursue continuity in economic, fiscal policies and reduce the nation’s debt. 
On Wednesday, 10 March 2017, Moon won the South Korean presidency over 13.4 million, or 41.1 percent of all votes according to the National Election Commission (NEC). 

“We expect that fiscal policies will remain anchored and guided by the principles of limiting deficits to three percent of gross domestic product and keeping government debt below 45 percent of GDP,” senior credit officer at Moody’s Investors Service Steffen Dyck said. 

During the campaign, Moon vowed to create a supplementary budget on top of the 400.5 trillion won (US$354 billion) to accelerate and stimulate the nation’s economy. 

Further, for the nation’s economy, Moon vowed to establish a “Fourth Industrial Revolution committee”.

This will be Moon’s initiative to bring seismic changes to the country’s industrial sector and increase productivity and employment. 
“IoT is the basic infrastructure for the latest industrial revolution, and I plan to set up the industrial revolution committee directly under the president’s office,” Moon said. 

The new administration is expected to shift to a more digitalised economy in the industrial segments to lower the overall cost of goods, enhancing competitiveness. 

He vowed to invest in 10 major areas in the Fourth Industrial Revolution and the social services sector, creating 810,000 new jobs in the public sector and 500,000 jobs in the private sector.