Tag: fiscal

fiscal

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Underground exhibition space in North Chungcheong is seen closed.

Korea’s local governments lose sight of fiscal reality as debt piles up

Rising deficits, costly facilities and expanding subsidies are straining local governments as their own tax revenue falls behind spending.

2026.9.3

Busan Port is seen with containers piled for exports and imports on Aug. 18.

Moody’s nearly doubles Korea’s 2026 growth forecast to 3.5% on chip boom

The ratings agency cites surging semiconductor exports and expects the chip upcycle to continue through at least mid-2027.

2026.8.18

Korea's national debt reaches new high, prompting domestic fiscal health concerns

Korea's national debt topped 1.3 quadrillion won ($86 billion) in 2025 for the first time, raising concerns over domestic fiscal health. The nation's debt rose by 130 trillion won in just a year.

2026.4.6

The Ministry of Planning and Budget's office at the government complex in Sejong is pictured on Jan. 6. [YONHAP]

Korea reports $7.4B fiscal surplus in January on increased tax revenue

Korea posted a fiscal surplus of more than 11 trillion won ($7.43 billion) in January due to increased tax revenue despite more expenditures compared with a year ago, the budget ministry said Thursday.

2026.3.12

President Lee Jae Myung speaks during a briefing by the Ministry of Economy and Finance held at the Government Buildings Management Office in the central city of Sejong on Dec. 11. [YONHAP]

Lee vows expansionary fiscal policy for time being to boost economy

President Lee Jae Myung said Thursday the government has no choice but to pursue an expansionary fiscal policy for the time being to boost a sluggish economy, indicating the government could spend more in 2027.

2025.12.11

Joachim Nagel, president of the Deutsche Bundesbank and a member of the Governing Council of the European Central Bank, speaks during an interview with the Korea JoongAng Daily and the JoongAng Ilbo held in the Bank of Korea in central Seoul on Dec. 2. [WOO SANG-JO]

As growth slows, targeted spending vital in expansionary spending, German central bank chief says

Korea and Germany may sit on the opposite sides of the globe, but they share striking economic parallels. Both rose to prosperity within decades on the back of manufacturing and strong exports, anchored by world-class car industries.

2025.12.7

Deputy Prime Minister and Finance Minister Koo Yun-cheol, far left, speaks during a meeting on next year's budget at the National Assembly in Yeouido, western Seoul on Aug. 26. [KIM SEONG-RYONG]

Lee Jae Myung administration unveils record budget of 728 trillion won for 2026

The Lee Jae Myung administration set next year’s budget at 728 trillion won ($524 billion), a jump of more than 50 trillion won from this year and the largest single-year increase on record.

2025.8.29

Apartment complexes in Seoul are shown from Namhan Mountain Fortress in Gyeonggi on Sept. 24. [NEWS1]

Korea's deficit hits $68.1 billion, the fourth-highest on record

Korea's fiscal deficit reached 94.3 trillion won ($68.1 billion) in the first half 2023, with expectations of a wider shortfall due to a second extra budget and rising national debt concerns.

2025.8.14

Shoppers walk past vendors at a traditional market in Jongno District, central Seoul, on April 15. The Korean government announced a supplementary budget aimed at addressing urgent national priorities including small business support on April 18. [NEWS]

Gov't announces $8.6B extra budget for wildfires, trade and AI

The Korean government unveiled details of a 12.2 trillion won ($8.6 billion) supplementary budget aimed at addressing urgent national priorities, including wildfire recovery, trade disputes, AI development and small business support on Friday.

2025.4.18

Deregulation can help offset a budget cut

The Yoon administration must embark on a strong battle against stifling regulations.

2024.8.27