Moon Plans South Korea's Biggest Spending Boost in a Decade
- Spending to rise 7.1%, revenue seen increasing 7.9% from 2017
- President Moon has pledged a bigger role for fiscal policy
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South Korea plans to spend a record 429 trillion won ($380 billion) next year as the government seeks to boost welfare benefits and raise the number and quality of jobs.
The 2018 budget proposal is 7.1 percent more than the initial plan for this year, the biggest gain since a jump in spending in 2009, when the economy was reeling from the global financial crisis. Welfare outlays will rise by the most on record, while spending for infrastructure, culture and sports will be reduced, according to a statement from the finance ministry.