President Lee Jae Myung to address parliament on budget — Korea Herald

In South Korea, President Lee Jae Myung is set to address the National Assembly on November 2 regarding the draft state budget for 2027. He is expected to urge parliamentary forces from both camps to support the adoption of the document.

The largest budget

The government submitted the budget bill to parliament in September. It provides for total government spending of 820.9 trillion won, or $614.5 billion, which is more than 10% higher than this year's figure.

As Korea Herald reports, the increase in spending was proposed amid an expected rise in tax revenues thanks to a boom in the semiconductor industry.

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Future Fund

During the address, the president is expected to emphasize the need for active spending to stabilize people's living conditions, develop industries that will become future growth drivers, and ensure balanced regional development.

As part of the largest budget plan in the country's history, the government also intends to create a 160 trillion won Future Fund. It is planned to be directed toward supporting younger generations and developing economic drivers and regions.