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The Korea Herald
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THE INVESTOR
March 28, 2024

Economy

Korea spends W51tr to boost economy

  • PUBLISHED :March 23, 2017 - 15:48
  • UPDATED :March 23, 2017 - 15:48
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[THE INVESTOR] South Korea spent some 51 trillion won (US$45.50 billion) of the state budget in the first two months of the year to boost the economy, the Finance Ministry said on March 23.

The budget spending by the government and public institutions for the January-February period is 5.3 trillion won higher than its planned outlay of 45.7 trillion won during the cited period, according to the ministry.

The government has focused on ushering in an economic recovery through expanded fiscal spending amid faltering private consumption and rising uncertainties at home and abroad. It said earlier that it would use more than 30 percent of the 400.5 trillion-won budget earmarked for 2017 in the first three months of the year.

“Despite a recovery in exports, concerns about slowing domestic demand are rising due to additional US rate hikes, overseas trade issues and political situations. All government ministries and public agencies will do their best to spend the budget as planned,” said Vice Finance Minister Song Eon-seog.

By Alex Lee and newswires (alexlee@heraldcorp.com)

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