{"id":2203177,"date":"2023-12-21T08:00:53","date_gmt":"2023-12-20T23:00:53","guid":{"rendered":"https:\/\/koreapro.org\/?p=2203177"},"modified":"2023-12-20T16:51:42","modified_gmt":"2023-12-20T07:51:42","slug":"south-korean-political-parties-strike-deal-on-2024-budget-amid-election-pressure","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2023\/12\/south-korean-political-parties-strike-deal-on-2024-budget-amid-election-pressure\/","title":{"rendered":"South Korean political parties strike deal on 2024 budget amid election pressure"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">South Korea\u2019s ruling People Power Party (PPP) and main opposition Democratic Party (DP) <\/span><a href=\"https:\/\/www.peoplepowerparty.kr\/news\/comment_view\/BBSDD0001\/99551\"><span style=\"font-weight: 400;\">reached an agreement<\/span><\/a><span style=\"font-weight: 400;\"> on the 2024 budget on Wednesday, planning to convene a plenary session on Dec. 21. The <\/span><a href=\"https:\/\/www.yna.co.kr\/view\/AKR20231220111551001?section=politics\/all&amp;site=topnews01\"><span style=\"font-weight: 400;\">agreed budget<\/span><\/a><span style=\"font-weight: 400;\"> sees a reduction of approximately $3.2 billion (4.2 trillion won) from the government\u2019s initial proposal, keeping the national debt and government bond issuance unchanged. Significant increases include $462 million (600 billion won) for research and development (R&amp;D) to support advanced technology research and $231 million (300 billion won) for Saemangeum area projects.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The budget\u2019s passage is set to occur 19 days past the legal deadline (Dec. 2), marking a delay <\/span><a href=\"https:\/\/en.yna.co.kr\/view\/AEN20221223009700315\"><span style=\"font-weight: 400;\">similar to last year<\/span><\/a><span style=\"font-weight: 400;\">. This decision comes after extensive deliberations, with both parties emphasizing the urgent need to address national economic and livelihood concerns. The total expenditure is projected to closely match the government\u2019s original figure of $505.5 billion (656.9 trillion won).<\/span><\/p>\n<p><b>Why It Matters<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The bipartisan agreement on South Korea&#8217;s 2024 budget, amid the looming parliamentary elections in April, signals a political compromise between the PPP and the DP.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">President Yoon Suk-yeol\u2019s <\/span><a href=\"https:\/\/koreapro.org\/2023\/08\/yoon-braces-for-political-battle-as-he-unveils-dramatically-scaled-back-budget\/\"><span style=\"font-weight: 400;\">original budget proposal<\/span><\/a><span style=\"font-weight: 400;\">, emphasizing fiscal responsibility with the lowest spending hike since 2005, faced pushback from the DP, particularly over the proposal to cut the R&amp;D budget by <\/span><a href=\"https:\/\/www.yna.co.kr\/view\/AKR20230830111500017?section=search\"><span style=\"font-weight: 400;\">16.6%<\/span><\/a><span style=\"font-weight: 400;\">. The DP labeled the move as \u201c<\/span><a href=\"https:\/\/theminjoo.kr\/main\/sub\/news\/view.php?brd=11&amp;post=1200402\"><span style=\"font-weight: 400;\">reckless<\/span><\/a><span style=\"font-weight: 400;\">.\u201d The decision to boost the R&amp;D budget by $462 million suggests the PPP also came under pressure from the business community and international technology investment trends, like Taiwan\u2019s <\/span><a href=\"https:\/\/www.taipeitimes.com\/News\/front\/archives\/2023\/05\/02\/2003798964#:~:text=The%20Legislative%20Yuan%20passed%20the,process%20technology%2C%20in%20parallel%20with\"><span style=\"font-weight: 400;\">tax incentives for chip investments<\/span><\/a><span style=\"font-weight: 400;\"> and the <\/span><a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/statements-releases\/2023\/08\/09\/fact-sheet-one-year-after-the-chips-and-science-act-biden-harris-administration-marks-historic-progress-in-bringing-semiconductor-supply-chains-home-supporting-innovation-and-protecting-national-s\/\"><span style=\"font-weight: 400;\">U.S. CHIPS and Science Act<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Additionally, the increased budget allocation for Saemangeum projects, after the Finance Ministry\u2019s initial <\/span><a href=\"https:\/\/koreajoongangdaily.joins.com\/news\/2023-08-29\/business\/economy\/Govt-slashes-Saemangeum-budgets-after-Jamboree-fiasco\/1857791\"><span style=\"font-weight: 400;\">80% cut<\/span><\/a><span style=\"font-weight: 400;\"> at the end of August, reflects political considerations influencing fiscal decisions. The original cut, following the <\/span><a href=\"https:\/\/koreapro.org\/2023\/08\/typhoon-khanun-forces-retreat-from-south-koreas-problem-plagued-scout-jamboree\/\"><span style=\"font-weight: 400;\">World Scout Jamboree fiasco<\/span><\/a><span style=\"font-weight: 400;\">, provoked strong opposition from North Jeolla Province, a DP stronghold. The subsequent reversal in the budget suggests an acknowledgment of electoral pressures and the need to appease regional constituencies ahead of April\u2019s elections.<\/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>South Korea\u2019s ruling People Power Party (PPP) and main opposition Democratic Party (DP) reached an agreement on the 2024 budget on Wednesday, planning to convene a plenary session on Dec. 21. The agreed budget sees a reduction of approximately $3.2 billion (4.2 trillion won) from the government\u2019s initial proposal, keeping the national debt and government [&hellip;]<\/p>\n","protected":false},"author":10407,"featured_media":2203178,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[24,27],"class_list":["post-2203177","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>South Korean political parties strike deal on 2024 budget amid election pressure - 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\/12\/south-korean-political-parties-strike-deal-on-2024-budget-amid-election-pressure\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"South Korean political parties strike deal on 2024 budget amid election pressure - KOREA PRO\" \/>\n<meta property=\"og:description\" content=\"South Korea\u2019s ruling People Power Party (PPP) and main opposition Democratic Party (DP) reached an agreement on the 2024 budget on Wednesday, planning to convene a plenary session on Dec. 21. 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