South Korea’s parliament on Tuesday approved next year’s government budget worth 512.3 trillion won ($434.40 billion), sharply raised from this year to support the faltering economy and expand welfare spending, Trend with reference to Reuters reports.
It marked a 9.1% increase from this year’s budget of 469.6 trillion won when excluding a 5.83 trillion won extra spending bill adopted later in the year, although scaled down from the government’s proposal for 513.5 trillion won.
South Korea’s fiscal year starts on Jan. 1.