Korea’s government is reviewing a plan to raise the growth of its budget spending to better cope with a series of chronic problems, such as the low birthrate and low economic participation by women, the finance ministry said on Jan. 2.
According to the ministry, the growth of budget spending is set at 7.1 percent in 2018 and 5.7 percent in 2019. During the 2020-21 period, the expansion rate is roughly set in the low 5 percent range, it said.
A 5.8 percent expansion of budget spending is set for the next five years, but the government is working to review the rate to resolve various issues.
The Finance Ministry said earlier it will implement its economic policy next year to boost job creation and innovative growth, which will help improve quality of life, while laying the foundation for tackling the country‘s chronic low birthrate.
The economy is expected to grow 3 percent this year, following last year’s estimated 3.2 percent expansion, on the back of the solid global economy and a series of policy measures, according to the ministry.
By Alex Lee and newswires (firstname.lastname@example.org