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Analysis Yoon braces for political battle as he unveils dramatically scaled back budget2024 proposal raises spending by least amount in nearly two decades, cutting R&D investment but hiking pension payouts In a move reflective of his administration’s conservative leanings, South Korean President Yoon Suk-yeol unveiled a budget for 2024 on Tuesday that called for the smallest annual hike in spending in nearly two decades. Capped at $496.5 billion (656.9 trillion won), the budget marked the most modest increase since 2005 at just 2.8%, thanks to significant budget cuts in some areas. But while the cuts align with Yoon’s conservative fiscal policy, they come at the expense of investment in research and development. And after a draw-out battle to pass the budget last year, and ahead of major parliamentary elections next © Korea Risk Group. All rights reserved. |





