Ruling party, gov't stress active fiscal policy to boost growth in 2027 budget
SEOUL, Aug. 25 (Yonhap) -- The ruling Democratic Party (DP) and the government o...
The ruling Democratic Party (DP) and the South Korean government have emphasized the importance of active fiscal policy and investment in future industries for the country's economic growth in the 2027 budget. DP floor leader Han Byung-do called on the government to prioritize strategic investments in areas that support the youth, regional growth, and future industries during a consultative meeting.
Rep. Kwon Chil-seung, the DP's chief policymaker, echoed this sentiment by advocating for strategic investments in artificial intelligence (AI) to position South Korea among the top three AI powerhouses globally. Budget Minister Park Hong-geun highlighted the government's plan to focus on supporting economic growth through active fiscal management, aiming to create an "irreplaceable South Korea."
The government plans to use the future response fund, derived from increased tax revenue from the semiconductor boom, to invest in future industries, policies for young generations, and regional development, with President Lee Jae Myung announcing a record-high budget of approximately 800 trillion won for the upcoming year.
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