South Korea prepares record budget for 2027
South Korea’s ruling Democratic Party and the country’s government emphasized the need for active fiscal policy and investment in promising industries to support economic growth during consultations at the National Assembly in Seoul. The meeting was devoted to the 2027 budget proposal.
As The Korea Herald reports, Democratic Party floor leader Han Byung-do said budget capacity should primarily be directed toward achieving leadership in promising industries. He called on the government to set priorities for allocating funds, including support for youth, regional development and future industries.
Investment in artificial intelligence
Kwon Chil-seung, the Democratic Party’s policy chief, supported the call to increase investment in future industries. He emphasized the need for strategic investment in artificial intelligence so that South Korea can become one of the world’s top three countries in this field.
More current news is available on the UA.News Telegram channel Telegram.
According to Kwon, the 2027 budget should play an active role not only in supporting growth but also in transforming the country. He named biotechnology, culture, defense and energy among the key areas for investment.
Future response fund
Budget Minister Park Hong-geun said the government will focus on supporting economic growth through active management of public finances. According to him, additional tax revenues expected as a result of the semiconductor industry boom are planned to be directed to the so-called future response fund rather than short-term spending.
Earlier, President Lee Jae-myung announced plans to form a record 2027 budget of about 800 trillion won, or $540 billion. The fund’s resources are planned to be used for investment in promising industries, policies for younger generations and regional development.
