South Korea's government is preparing to boost its budget spending for the upcoming year to nearly $497B in 2024. However, this increase is the smallest seen in the last 20 years.
plans to raise budget spending to nearly $497 billion for 2024, but the proposed increase is the smallest in two decades as authorities prioritise fiscal discipline amid weakening tax revenue due to slower economic growth.
That is smaller than this year's 5.2% increase and the smallest-ever boost since fiscal statistics were last revised at the beginning of 2005, according to the ministry, excluding supplementary budgets.has prioritised improving the government's fiscal position since its term began in May 2022, refraining from splurging taxpayer money to boost growth and emphasising the role of the private sector.
South Korea's fiscal deficit will widen to 3.9% of GDP next year, from an estimated 2.6% this year, the ministry said, adding that it will bring back the ratio below 3% from 2025. The debt-to-GDP ratio will rise to 51.0% from 50.4%.
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