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S. Korea to spend over 60 pct of budget in 1st half: finance minister

All News 09:14 January 08, 2020

SEOUL, Jan. 8 (Yonhap) -- Finance Minister Hong Nam-ki said Wednesday that 62 percent of the state budget will be implemented in the first half of this year as South Korea seeks to revitalize the economy through large-scale investment projects.

In particular, the government will spend 37 percent of the budget for job creation in the first quarter, Hong said in a meeting with economy-related ministers earlier in the day.

"This year, the government will do its best to swiftly implement budget spending to support the economy," Hong said.

Finance Minister Hong Nam-ki speaks at a meeting with economy-related ministers on Jan. 8, 2020. (Yonhap)

South Korea's economy is expected to grow 2.4 percent this year, following last year's estimated 2 percent expansion, on the back of an anticipated recovery in the memory chip sector and a series of policy measures.

Hit by a lengthy U.S.-China trade war and a cyclical slump in the memory chip sector, the nation's economy is poised to report its weakest annual growth in a decade last year.

As part of the government's initiative to boost the economy through investment, state-run institutions will expand next year's investment to 60 trillion won (US$51.4 billion) from 55 trillion won for this year.

Also, the government will encourage private firms to spend 25 trillion won in large-scale investment projects.

kdh@yna.co.kr
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