South Korea’s fiscal balancing act: Repercussions of austerity measures



Analysis South Korea’s fiscal balancing act: Repercussions of austerity measures The nation’s fiscal shortfall is real, but budget cuts undermining key sectors could diminish future growth prospects Peter WardSeptember 18, 2023 SHARE COPY LINK FACEBOOK X LINKEDIN MASTODON An illustration of a miniature house on top of a pile of money \| Image: Korea Pro 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: 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: Get 30 days of free access to KoreaPro Full access to all analysis The KOREA PRO newsletter, every business day Daily analysis on the top story of the day The ability to suggest topics for coverage by our specialist team Be smart about South Korea Get full access to expert analysis and opinion. Start now No charges during your trial. Cancel anytime. A paid subscription will start after 30 days. © Korea Risk Group. All rights reserved. No part of this content may be reproduced, distributed, or used for commercial purposes without prior written permission from Korea Risk Group. Get the Daily Briefing Start your day with the South Korea stories that matter most – as selected by And how should we address you in correspondence? One more step! Please check your inbox, for an email we just sent you, and click on the confirmation message in it to get subscribed to our Daily Briefing. LATEST ANALYSIS 01South Korea’s women-only universities weigh co-education as enrollments decline 02South Korea targets semiconductor self-reliance for national defense 03Employment for married South Korean women hits record but Devil is in details 04Trump’s return forces South Korea’s defense industry to adapt to new realities 05Lee Jae-myung verdict disrupts South Korea’s opposition party and 2027 election 06South Korea grapples with how to stymie crypto-fueled drug trade 07Science vs. Humanities: Why South Korean students switch their academic tracks 08How pro-Russian hackers took down South Korea websites over support for Ukraine

Analysis

South Korea’s fiscal balancing act: Repercussions of austerity measures

The nation’s fiscal shortfall is real, but budget cuts undermining key sectors could diminish future growth prospects

Peter WardSeptember 18, 2023

South Korea’s fiscal balancing act: Repercussions of austerity measures

An illustration of a miniature house on top of a pile of money | Image: Korea Pro

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:

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South Korea’s fiscal balancing act: Repercussions of austerity measures

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Peter Ward

South Korea’s fiscal balancing act: Repercussions of austerity measures

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