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S.Korea unveils aggressive spending plans for growth, virus depletes ammunition | Malay Mail

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SEOUL, Sept 1 — South Korea’s left-leaning government unveiled plans today to increase spending aggressively for the next few years, to safeguard jobs and boost welfare for an economy hit by the coronavirus, taking public finances further into the red. The finance ministry said total spending...

Tuesday, 01 Sep 2020 07:59 AM MYT

The finance ministry said total spending will increase 8.5 per cent to record 555.8 trillion won next year, while expected revenue is seen increasing a mere 0.3 per cent to 483 trillion won, as businesses and income earners are hurt by the pandemic. “Even if debt and fiscal deficit increase a bit it looks more appropriate to boost spending to make sure fiscal does its part,” finance minister Hong Nam-ki said in a briefing.

 

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