{"id":2202612,"date":"2023-11-01T08:00:53","date_gmt":"2023-10-31T23:00:53","guid":{"rendered":"https:\/\/koreapro.org\/?p=2202612"},"modified":"2023-10-31T14:39:50","modified_gmt":"2023-10-31T05:39:50","slug":"opposition-party-deems-yoons-rd-cuts-reckless-budget-showdown-looms","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2023\/11\/opposition-party-deems-yoons-rd-cuts-reckless-budget-showdown-looms\/","title":{"rendered":"Opposition party deems Yoon\u2019s R&#038;D cuts \u201creckless\u201d: Budget showdown looms"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">President Yoon Suk-yeol prioritized stabilizing prices and enhancing people\u2019s living standards amid the prevailing global economic challenges in his <\/span><a href=\"https:\/\/en.yna.co.kr\/view\/AEN20231031000951315?section=national\/politics\"><span style=\"font-weight: 400;\">budget speech<\/span><\/a><span style=\"font-weight: 400;\"> on Tuesday. He emphasized the significance of bipartisan unity in light of global economic uncertainties and security threats, notably the extended war between Russia and Ukraine and the intensifying conflict between Israel and Hamas. Yoon highlighted that the 2024 budget, valued at $487 billion (657 trillion won), is a strategic plan to counteract these global challenges and improve citizens\u2019 well-being.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Further, Yoon affirmed the government\u2019s commitment to maintaining sound fiscal policies. Acknowledging the <\/span><a href=\"https:\/\/koreapro.org\/2023\/09\/imf-team-validates-yoons-economic-policy-supplying-political-capital\/\"><span style=\"font-weight: 400;\">International Monetary Fund\u2019s<\/span><\/a><span style=\"font-weight: 400;\"> endorsement of South Korea\u2019s fiscal approach, his speech primarily detailed budgetary allocations, emphasizing increased welfare provisions for the vulnerable and highlighting efforts to reduce basic living expenses. Yoon pledged more financial services for low-income individuals and assistance for young job seekers and students and announced a $3.3 billion (4.4 trillion won) investment in sectors like artificial intelligence and biotechnology.<\/span><\/p>\n<p><b>Why It Matters<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Yoon\u2019s 2024 budget proposal reflects a 2.8% increase from the previous year, highlighting a conservative fiscal stance. Although the budget emphasizes <\/span><a href=\"https:\/\/www.koreatimes.co.kr\/www\/nation\/2023\/08\/113_352499.html\"><span style=\"font-weight: 400;\">infrastructural projects<\/span><\/a><span style=\"font-weight: 400;\"> to potentially boost employment, allocations for research and development (R&amp;D) face a <\/span><a href=\"https:\/\/www.yna.co.kr\/view\/AKR20230830111500017?section=search\"><span style=\"font-weight: 400;\">16.6% reduction<\/span><\/a><span style=\"font-weight: 400;\">. Additionally, the proposal appears to give special attention to senior citizens, an influential voter group in South Korea. Measures aimed at improving job opportunities and economic stability for this demographic can be seen as an effort to strengthen their support for his administration.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The main opposition Democratic Party (DP) has expressed concerns about the budget, particularly regarding the cuts to the R&amp;D segment. DP spokesperson Yoon Yeong-deok <\/span><a href=\"https:\/\/theminjoo.kr\/main\/sub\/news\/view.php?brd=11&amp;post=1200402\"><span style=\"font-weight: 400;\">labeled<\/span><\/a><span style=\"font-weight: 400;\"> the budget proposal as \u201creckless.\u201d The National Assembly is set to finalize the budget by Dec. 2. However, it\u2019s worth noting that last year\u2019s budget was approved on Dec. 24 \u2014 22 days past the deadline \u2014 primarily due to differences between the DP and Yoon over <\/span><a href=\"https:\/\/www.koreaherald.com\/view.php?ud=20221224000038\"><span style=\"font-weight: 400;\">corporate tax policies<\/span><\/a><span style=\"font-weight: 400;\">. Given the upcoming parliamentary elections in April, discussions surrounding the budget for the forthcoming year are anticipated to be contentious.<\/span><\/p>\n<div class=\"content-tags\"><a href=\"https:\/\/koreapro.org\/tag\/business-economy\/\"><span class=\"tag\">Business &amp; Economy<\/span><\/a><a href=\"https:\/\/koreapro.org\/tag\/domestic-politics\/\"><span class=\"tag\">Domestic Politics<\/span><\/a><\/div>","protected":false},"excerpt":{"rendered":"<p>President Yoon Suk-yeol prioritized stabilizing prices and enhancing people\u2019s living standards amid the prevailing global economic challenges in his budget speech on Tuesday. He emphasized the significance of bipartisan unity in light of global economic uncertainties and security threats, notably the extended war between Russia and Ukraine and the intensifying conflict between Israel and Hamas. [&hellip;]<\/p>\n","protected":false},"author":10407,"featured_media":2202613,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[24,27],"class_list":["post-2202612","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-briefings","tag-business-economy","tag-domestic-politics"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Opposition party deems Yoon\u2019s R&amp;D cuts &quot;reckless&quot;: Budget showdown looms - KOREA PRO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/koreapro.org\/2023\/11\/opposition-party-deems-yoons-rd-cuts-reckless-budget-showdown-looms\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Opposition party deems Yoon\u2019s R&amp;D cuts \u201creckless\u201d: Budget showdown looms - KOREA PRO\" \/>\n<meta property=\"og:description\" content=\"President Yoon Suk-yeol prioritized stabilizing prices and enhancing people\u2019s living standards amid the prevailing global economic challenges in his budget speech on Tuesday. He emphasized the significance of bipartisan unity in light of global economic uncertainties and security threats, notably the extended war between Russia and Ukraine and the intensifying conflict between Israel and Hamas. 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