South Korea’s proposed 2027 budget would raise spending by more than 10%, with President Lee Jae Myung expected to seek cross-party support when he addresses lawmakers Monday, The Korea Herald reported.
The Korea Herald reported that the government’s September budget bill proposes 820.9 trillion won ($614.5 billion) in spending next year, more than 10% above this year’s level. The government expects a semiconductor boom to lift tax receipts, the newspaper said.
The proposal also includes a 160 trillion-won Future Fund intended to assist younger generations, encourage economic growth and support regional development, according to the report.
Lee was expected to discuss public spending to support people’s livelihoods, develop industries with potential to drive future growth and promote more balanced regional development. The Korea Herald described the speech as a rare presidential address to the Assembly.
