South Korea plans to spend a record 604.4 trillion won next year, 8.3% more than this year's budget before two emergency supplementary spendings drafted to offer pandemic relief to households.The record spending plan will take South Korea's debt-to-gross domestic product ratio to 50.2%, the largest on record.
The Aug. 31 budget is seen as a balancing act between pouring funds into badly needed social services to tackle an ageing economy and reduce rising income inequality, while avoiding putting further strain on the country's finances. The government has also earmarked 11.9 trillion won for spending on environment-related areas to work towards the country's carbon neutrality goal by 2050, and proposed 55.2 trillion won in spending on national defense.
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