South Korean authorities are seeking the smallest increase in government spending in almost two decades for next year, as President Yoon Suk Yeol exerts fiscal restraint following years of pandemic stimulus.
The Finance Ministry plans to submit a proposal to parliament for 656.9 trillion won of outlays in 2024 in what would be a 2.8% increase from this year’s budget, it said in a statement on Tuesday. That would be the smallest rise since 2006, the year after Korea remodeled its budgetary statistics in line with international standards.
Sovereign credit ratings might come under pressure while the debt burden increases for future generations unless government spending is brought under control, Finance Minister Choo Kyung-ho said in a statement. Korea’s debt-to-gross domestic product ratio would edge up to 51% next year from 50.4% this year if the budget proposal is approved, according to the ministry. The government sees the ratio reaching around 53% by 2027.
Yoon’s stance marks a pivot back to the fiscal tightening stance Korea had before the pandemic as it sought to secure room to cope with economic risks ranging from aging demographics to decelerating growth.
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