Korea to spend 342.5 trillion won in 2013

The government plans to spend 342.5 trillion won ($305.6 billion) in 2013, an increase of 5.3 percent compared to the previous year, with the aim of boosting the sagging economy while maintaining fiscal health. The Finance Ministry announced on Tuesday the final budget proposal to be presented to the National Assembly for approval. According to the budget plan, the government will designate 10.8 trillion won to create about 600,000 jobs in consideration of a lack of jobs for youth and baby boomers.

The government allocated 97.1 trillion won for health, welfare and labor affairs, up 4.8 percent from this year. In an effort to enhance the nation’s growth potential, the spending plan calls for 16.9 trillion won (5% of its budget) to be used on research and development.

For full article see Korea Herald.