The South Korean government will increase spending in 2010

The South Korean government will increase spending in 2010

The South Korean Ministry of Strategy and Finance said that the government is planning to increase spending by 2.5% during 2010 to create more job opportunities and support low income earners. Total expenditure will increase to 291.8 trillion won ($245.5 billion), while national debt will be 36.9% of the GDP next year.

Yoon Jeung Hyun the South Korean Finance Minister said that the government will maintain the fiscal policy to support economic recovery and he added that more time and effort are needed so that people can feel that the economy is recovering. However, government spending on research and development will climb 10.5% in 2010, while spending on health and social welfare will climb 8.6%.