Tag: fiscal deficit

fiscal deficit

Latest News

Fiscal deficit narrows to three-year low on strong tax revenue

The government collected 381.9 trillion won ($270 billion) in revenue in the first half of the year, while spending reached 425.8 trillion won.

2026.8.13

The Ministry of Economy and Finance building in Sejong is pictured in this file photo. [YONHAP]

Korea logs 35.5 trillion won fiscal deficit in January-May period

Korea's fiscal deficit reached 35.5 trillion won in early 2023, with total revenue increasing significantly while expenditures grew modestly.

2025.7.10

National debt hit new record to surpass 50% of GDP in 2023

Korea's national debt last year hit a record high of 1,126.7 trillion won ($826.6 billion), accounting for more than 50 percent of the country's debt-to-gross domestic product.

2024.4.11

Bring the fiscal deficit under control fast

The government has the duty to uphold the fiscal integrity regardless of the challenges at home and abroad.

2023.9.26

Finance Minister Choo Kyung-ho meets with foreign investors in New York on Tuesday. He is currently visiting the U.S. promoting Koreaand meeting with international officials, including the World Bank president, in Washington. [MINISTRY OF ECONOMY AND FINANCE]

Choo insists on discipline as Korea's fiscal deficit jumps

The fiscal deficit jumped 70 percent on year in the first eight months of the year as the government spent heavily on Covid relief and on support for lower-income households, though in the month of August a surplus was achieved.

2022.10.13

A applicant signing up for government support on self-employed at a Small Enterprise And Market Service center in Seoul on Wednesday. Such support through the supplementary budget have resulted in increase in fiscavl deficits. [YONHAP]

71 trillion won fiscal shortfall reported this year through May

The government collected 293.6 trillion won in revenue January through May, up 12.3 percent on year. Spending in the first five months of the year was 342.5 trillion won, up 21.5 percent, in part due to two supplementary budgets.

2022.7.14

Korea logs smaller-than-expected fiscal deficit in 2021

Korea's fiscal deficit is estimated to be sharply smaller than its previous estimate last year on the back of larger-than-expected tax revenue, the finance ministry said Thursday.

2022.2.17

Finance Minister Hong Nam-ki announces next year's budget as well as the national debt estimate at the government complex in Seoul on Tuesday. While the spending plan for next year is an all-time record of 604.4 trillion won, so is the national debt, which is expected to exceed 1,000 trillion won. [YONHAP]

National debt to hit 1,000 trillion won with blowout budget

National debt is expected to exceed 1,000 trillion won for the first time next year. With the government sticking to an expansionary fiscal policy and debt ballooning rapidly, people are likely to pay more in taxes.

2021.8.31

Is Korea mimicking MMT?

“Why worry about fiscal deficit? Money can be printed as much as possible by a government. As long as there are jobless people and idle factories, the government must keep on spending to achieve full employment.” This is the...

2020.9.8

Tag: fiscal deficit

fiscal deficit

Latest News

Fiscal deficit narrows to three-year low on strong tax revenue

Korea logs 35.5 trillion won fiscal deficit in January-May period

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