S. Korea's budget for 2020 expected to surpass US$ 418.2 bil.
- 5 years ago
The South Korean government's budget next year is expected to top 500-trillion won, or around 418-billion U.S. dollars, a new record.
That's according to sources at the finance ministry.
They said Sunday that the government wants to use a more aggressive fiscal policy to revive the economy.
The figure for this year, including an extra budget, was around 398 billion dollars, so it would be an increase of at least 5 percent.
The announcement comes after President Moon Jae-in said last week that there needs to be a bigger role for state finance to solve structural problems in society such as unemployment and the low birth rate.
Meanwhile, the national debt-to GDP ratio next year is set to surpass 40 percent for the first time,... up from this year's 39-point-5 percent.
That's according to sources at the finance ministry.
They said Sunday that the government wants to use a more aggressive fiscal policy to revive the economy.
The figure for this year, including an extra budget, was around 398 billion dollars, so it would be an increase of at least 5 percent.
The announcement comes after President Moon Jae-in said last week that there needs to be a bigger role for state finance to solve structural problems in society such as unemployment and the low birth rate.
Meanwhile, the national debt-to GDP ratio next year is set to surpass 40 percent for the first time,... up from this year's 39-point-5 percent.