{"id":2014961,"date":"2023-08-28T23:52:02","date_gmt":"2023-08-29T03:52:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/south-korea-focuses-on-fiscal-discipline-with-smallest-budget-increase-in-two-decades\/"},"modified":"2023-08-28T23:56:39","modified_gmt":"2023-08-29T03:56:39","slug":"south-korea-focuses-on-fiscal-discipline-with-smallest-budget-increase-in-two-decades","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/south-korea-focuses-on-fiscal-discipline-with-smallest-budget-increase-in-two-decades\/","title":{"rendered":"South Korea prioritizes fiscal discipline, records smallest budget increase in 20 years."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fsouth-korea-focuses-on-fiscal-discipline-with-smallest-budget-increase-in-two-decades%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2014961&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div class=\"entry-content\">\n<p>By Jihoon Lee<\/p>\n<p><strong>SEOUL (Reuters) \u2013 South\u2062 Korea Plans to Increase Budget Spending for 2024<\/strong><\/p>\n<blockquote>\n<p>South Korea\u2019s government plans to raise budget spending to nearly $497 billion\u200d for 2024, but the proposed increase is the smallest in \u200dtwo decades \u200bas <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/south-korea-focuses-on-fiscal-discipline-with-smallest-budget-increase-in-two-decades\/\" title=\"South Korea prioritizes fiscal discipline, records smallest budget increase in 20 years.\">authorities \u200bprioritise \u2064fiscal discipline amid weakening tax revenue due<\/a> to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/japanification-how-americas-economy-could-see-a-permanent-decline\/\" title=\"\u2018Japanification\u2019: How America\u2019s Economy Could See A Permanent Decline\">slower economic growth<\/a>.<\/p>\n<\/blockquote>\n<div id=\"div-gpt-ad-1663871513696-art-1\" style=\"min-width: 320px; min-height: 50px;  text-align: center;\">  \t<script>  \t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1663871513696-art-1'); });  \t<\/script>  <\/div>\n<div class=\"ad-slot__ad-label\">Advertisement<\/div>\n<\/p>\n<h2>Annual Spending Plan<\/h2>\n<p>In its annual spending plan released on Tuesday, the finance ministry set total government expenditure\u200d for \u200b2024 at 656.9 trillion won ($496.70 billion), up \u200b2.8% from 2023. <\/p>\n<p>That is smaller than this year\u2019s 5.2% increase and the smallest-ever boost \u2064since fiscal statistics were last revised at the beginning of 2005, according to the ministry, excluding supplementary budgets.<\/p>\n<p>The conservative Yoon Suk Yeol administration has prioritised improving the government\u2019s fiscal position since its \u2063term began in May 2022, refraining from splurging taxpayer money to\u2062 boost growth and emphasising the role of the private sector. <\/p>\n<p>It partly reflects weak\u2062 tax revenue, estimated to drop by a record 8.3% in 2024 and bring down\u2062 next\u2063 year\u2019s total government income by 2.2% to 612.1 trillion won, amid\u2064 slow economic growth and as the government seeks further tax cuts, especially for companies. <\/p>\n<p>The government is forecasting economic growth\u2062 to weaken to a\u2063 three-year low of 1.4% this year, after expanding 2.6% in 2022 and 4.3% in 2021. It expects the economy to grow 2.4% \u200cin 2024. <\/p>\n<p>South Korea\u2019s fiscal deficit will widen to 3.9% of GDP next year, from an estimated 2.6% this year,\u2064 the ministry said, adding that it will bring back \u200cthe ratio below 3% from 2025. The debt-to-GDP ratio \u2064will rise \u2062to \u200c51.0% from 50.4%.<\/p>\n<p>\u201cIt was a difficult\u2064 decision the government made to hold\u200b onto sound financing,\u201d Finance Minister Choo Kyung-ho said.<\/p>\n<p>About 23 trillion\u200b won worth of projects deemed inefficient\u2064 will be scrapped or scaled down, with\u200c more spending on social welfare, childbirth support, investment in key industries, public safety and disaster prevention, among others.<\/p>\n<p>Big spending increases\u200c include social welfare, up by 7.5% to 242.9 trillion won, defence up 4.5% to 59.6 trillion won and\u200c corporate support by 4.9% to 27.3\u2064 trillion won.<\/p>\n<p>The government\u200d will issue 158.8 trillion won of treasury\u2064 bonds in 2024, down from a total of 167.8 trillion won planned for this year. The net increase in treasury bonds is projected at 50.3 trillion won.<\/p>\n<p>It will issue a maximum $1.3 billion \u200dworth of foreign exchange stabilisation bonds, compared with $2.7 billion set for this year, and \u200b18 \u2063trillion won worth of the bonds in \u2062local currency, its first\u2062 issuance of the kind\u2063 since 2003, to lower the borrowing cost.<\/p>\n<p>The budget plan will be submitted to the national assembly on Friday, Sept. 1. <\/p>\n<p>($1 = \u200b1,322.5400 won)<\/p>\n<\/p>\n<p>(This story has been corrected to fix the year to 2003, from 2013, in paragraph 12)<\/p>\n<\/p>\n<p>  (Reporting by Jihoon Lee; Editing by Shri \u200bNavaratnam)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/south-korea-focuses-on\/attachment\/file-photo-illustration-photo-of-a-south-korean-won-note\/\"><\/a><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>Former senior Trump White House aide Peter Navarro testified Monday in a federal courtroom on charges of defying a Democrat-appointed House J6 Select Committee \u200dsubpoena.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>UNC Chapel Hill goes on lockdown and Judge Chutkan\u2064 sets Trump\u2019s alleged Election \u2063Interference trial date just before Super Tuesday.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>National Legal and Policy Center legal counsel Paul Kamenar says former Trump \u2064Chief-of-Staff Mark Meadows has \u201ca good chance\u201d in succeeding in his bid\u2063 to move \u200dhis trial on \u200ccharges of tampering with the 2020 election \u200cto federal \u200ccourt.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>Lawyers for Bryan Kohberger asked an Idaho judge to ban cameras from\u2063 the courtroom.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>(Reuters) -Social\u200b media platform X, formerly known as Twitter, was back up on Monday \u2063after facing a disruption in the United States,\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>By Richard Cowan and Kanishka Singh WASHINGTON (Reuters) \u2063-U.S. Senate Majority Leader Chuck Schumer will host tech leaders including Tesla CEO \u2064Elon\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>By Stephen Nellis (Reuters) \u2013 Intel on Monday said a new data center chip coming out next year will handle more than\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>SEOUL (Reuters) \u2013 South Korea said on Monday it will toughen sentencing for <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/toyota-halts-operations-at-most-japan-assembly-plants-due-to-system-failure\/\" title=\"Toyota stops production at several Japanese plants due to system malfunction.\">stealing industrial secrets<\/a>, after concerns that current\u200b regulation was\u2026\u2062 <\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>South Korea&#8217;s government aims to increase budget spending to $497 billion for 2024, the smallest increase in 20 years. This decision reflects a focus on fiscal discipline due to declining tax revenue caused by slower economic growth. The finance ministry released the annual spending plan on Tuesday.<\/p>\n","protected":false},"author":66,"featured_media":2014962,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[542],"tags":[],"class_list":["post-2014961","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2014961","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2014961"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2014961\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2014962"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2014961"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2014961"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2014961"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}