Tax & Spend
Korean Authorities Eye Budget Bump With Funds for Chips, K-Pop
- Officials expect South Korea’s economic growth to slow in 2025
- Defense, nuclear-energy and parental support to be increased
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South Korean authorities seek to bump up government spending next year to support an economy that’s expected to cool, pledging steps that include greater financial support for semiconductors and other growing sectors such as K-pop entertainment.
The government plans 677.4 trillion won ($512 billion) of outlays in 2025 in what would be a 3.2% increase from this year’s budget, the Finance Ministry said in a statement on Tuesday. That would be a faster pace of increase than this year, when the budget rose by 2.8%.