Lee to address National Assembly on next year's gov't budget

President Lee Jae Myung is scheduled to address the National Assembly on Monday, a highly unusual occurrence in which he is anticipated to advocate for bipartisan support in pushing through the 2027 budget bill. The government forwarded the budget bill to the National Assembly in September, outlining a total expenditure of 820.9 trillion won (US$614.5 billion) for next year, representing an increase of over 10 percent compared to the current year.

This surge in spending is anticipated due to a projected rise in tax revenue, driven by a flourishing semiconductor industry.

In his address, Lee is expected to emphasize the necessity of substantial investments in sustaining people's well-being, fostering industries that will drive future growth, and fostering equitable regional development. He will also appeal for parliamentary backing to facilitate the budget's approval. As part of the largest-ever budget allocation, the government intends to establish the 160 trillion-won Future Fund, designed to assist younger generations, spur economic growth engines, and enhance regional development efforts.