South Korean government laids out blueprint for 2019 national budget
- 6 years ago
Let's start with the South Korean government's plans for spending next year.
It wants to hike the national budget by around a tenth compared to this year,
It hopes the extra funds will help to kickstart an economy... that's floundering under the weight of high unemployment and a widening wealth gap.
Kim Ji-yeon reports.
South Korea's Ministry of Economy and Finance said Tuesday that it wants to actively deal with the country's structural issues and pursue expansionary fiscal measures to boost job creation as well as future innovative growth.
It says government spending in 2019 will increase by nearly ten percent from this year to 424-point-2-billion U.S. dollars.
That's the highest level since 2000, excluding 2009, when South Korea was struggling due to the aftermath of the global financial crisis.
The ministry expects next year's gross income to amount to nearly 434-billion dollars... up by some eight percent from this year.
Despite pursuing expansionary measures... the ministry says it'll likely have a limited impact on South Korea's fiscal balance and government debt due to improvements in the country's tax revenue,... which the government tallied at nearly 15 billion dollars in June.
The lion's share of next year's budget -- around 146-point-three billion dollars -- is to be injected into boosting the health, welfare and labor sectors,... while nearly 64 billion is set aside for the education sector.
More than 42-billion dollars is to be spent on defense,... three-billion more than this year to boost the government's Defense Reform Plan, including those to improve living conditions and medical system for service members.
The ministry has also increased the amount of state research-and-development for future core technologies as well as boosting the platform economy, an ecosystem which depends on the internet, computation and data.
That's rising to 18-point-4-billion dollars,... up more than a half-a-billion dollars from this year.
Kim Ji-yeon, Arirang News.
It wants to hike the national budget by around a tenth compared to this year,
It hopes the extra funds will help to kickstart an economy... that's floundering under the weight of high unemployment and a widening wealth gap.
Kim Ji-yeon reports.
South Korea's Ministry of Economy and Finance said Tuesday that it wants to actively deal with the country's structural issues and pursue expansionary fiscal measures to boost job creation as well as future innovative growth.
It says government spending in 2019 will increase by nearly ten percent from this year to 424-point-2-billion U.S. dollars.
That's the highest level since 2000, excluding 2009, when South Korea was struggling due to the aftermath of the global financial crisis.
The ministry expects next year's gross income to amount to nearly 434-billion dollars... up by some eight percent from this year.
Despite pursuing expansionary measures... the ministry says it'll likely have a limited impact on South Korea's fiscal balance and government debt due to improvements in the country's tax revenue,... which the government tallied at nearly 15 billion dollars in June.
The lion's share of next year's budget -- around 146-point-three billion dollars -- is to be injected into boosting the health, welfare and labor sectors,... while nearly 64 billion is set aside for the education sector.
More than 42-billion dollars is to be spent on defense,... three-billion more than this year to boost the government's Defense Reform Plan, including those to improve living conditions and medical system for service members.
The ministry has also increased the amount of state research-and-development for future core technologies as well as boosting the platform economy, an ecosystem which depends on the internet, computation and data.
That's rising to 18-point-4-billion dollars,... up more than a half-a-billion dollars from this year.
Kim Ji-yeon, Arirang News.