South Korea’s national budget for next year is expected to exceed 400 trillion won ($362 billion) for the first time, as the government plans to spend more to generate jobs as well as tackle the low birthrate and rapidly aging population.
As the government and the ruling Saenuri party have recently agreed to raise the 2017 budget by 3 to 4 percent, the annual budget is likely be around 398 trillion won to 402 trillion won next year, according to government officials.
This year, the government’s overall spending plans have increased to 395.3 trillion won due to its extra budget plan aimed at stimulating lackluster domestic demand and slowing growth. If the government continues to inject cash to support growth next year, the total budget will exceed 400 trillion won, said the officials.
