The government has formulated a budget for next year with a large-scale expansion budget of 555 trillion won.
This is an 8.5% increase from this year's budget expenditure, which is 1.6% more than this year's third supplementary budget.
It is to overcome the Corona 19 crisis and seek a major transformation of the economic and social structure with the Korean version of the New Deal, while revitalizing the ignition of the economic rebound through bold fiscal inputs.
The increase in total expenditure continued to expand by nearly 9% in the third year following 9.5% in 2019 and 9.1% in 2020.
The estimated total revenue is 483 trillion won, which is a budget that exceeds total revenue for the second consecutive year following last year.
The national debt is projected to soar to 945 trillion won, raising the ratio of national debt to GDP to 46.7%.
Deputy Prime Minister Hong Nam-ki explained that next year is the golden time to determine the direction of our future economy.
(Photo = Yonhap News)