The nation’s fiscal shortfall is real, but budget cuts undermining key sectors could diminish future growth prospects
In recent years, the South Korean government’s budget has grappled with challenges as government spending has outpaced revenues. Factors like the aftermath of COVID-19 and financial difficulties encountered by major companies manifested in declining exports in crucial industries, exacerbating this situation. A Korea Pro analysis reveals:
The proposed budget for 2024 aims to bridge the revenue shortfall through austerity measures in select areas. The education sector will witness a reduction of 6.9%, the R&D sector 16.6% and general and regional administrations face a cutback of 0.8%.
In recent years, the South Korean government’s budget has grappled with challenges as government spending has outpaced revenues. Factors like the aftermath of COVID-19 and financial difficulties encountered by major companies manifested in declining exports in crucial industries, exacerbating this situation. A Korea Pro analysis reveals:
The proposed budget for 2024 aims to bridge the revenue shortfall through austerity measures in select areas. The education sector will witness a reduction of 6.9%, the R&D sector 16.6% and general and regional administrations face a cutback of 0.8%.
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