S Korea advances budget spending to support economy
Wednesday, 4 January 2012
SEOUL, Jan 3 (Reuters): South Korea said on Tuesday it would allocate more than 40 per cent of its annual budget spending on the current quarter, the most in at least a decade, to cushion the impact from slowing global demand.
The government will allocate 44.1 per cent of this year's budget spending to the January-March period, up from 39.9 per cent last year and the most since at least 2002, the first period for which comparable data is available, the finance ministry said in a statement.
"Budget spending will be advanced especially for projects aimed at stabilising living conditions for low income-earners and reactivating the economy," the ministry said, adding welfare and job creation would take priority.
President Lee Myung-bak said in a televised new year address on Monday that the global economy had entered a new era of prolonged low growth.
Budget spending will rise 18 per cent to 124.67 trillion won ($108.22 billion) for the first quarter from 105.4 trillion won for the same period in 2011.
The government will allocate 44.1 per cent of this year's budget spending to the January-March period, up from 39.9 per cent last year and the most since at least 2002, the first period for which comparable data is available, the finance ministry said in a statement.
"Budget spending will be advanced especially for projects aimed at stabilising living conditions for low income-earners and reactivating the economy," the ministry said, adding welfare and job creation would take priority.
President Lee Myung-bak said in a televised new year address on Monday that the global economy had entered a new era of prolonged low growth.
Budget spending will rise 18 per cent to 124.67 trillion won ($108.22 billion) for the first quarter from 105.4 trillion won for the same period in 2011.