2023 Government Budget, South Korea

Yoon Suk Yeol The government's first budget, the 2023 budget, was set at 639 trillion won, up 5.2% from last year's main budget. It is the lowest increase in spending since the Park Geun Hyen government's 3.7 percent increase in 2017, and the size of the budget has decreased year-on-year for the first time since 2010, including the supplementary budget.

It is believed that the government has attempted to shift its stance to sound finances in consideration of national debt, which is nearly KRW 1,070 trillion, or about 50% of GDP, while reducing the Hanji spending, which has increased due to COVID-19. Budgets in each sector have also tightened their belts as they implemented the largest-ever restructuring worth 24 trillion won. In the case of health, welfare, and employment budgets, the growth rate was only half this year, and the budget for small and medium-sized enterprises, energy, and social overhead capital (SOC) sectors decreased compared to last year.

The government held a Cabinet meeting on the 30th and finalized the 2023 budget plan. The 2023 budget was set at 639 trillion won, up 31.4 trillion won (5.2%) from this year's 607.7 trillion won. Compared to 679.5 trillion won, which reflects the second supplementary budget this year, which was organized to compensate for the loss of COVID-19, it is a 40.5 trillion won (-6.0%) decrease.

The growth rate of total expenditure next year (5.2%) is 60% of the average growth rate (8.7%) of the Moon Jae In government, which is lower than the average (5.9%) of the Lee Myung Bak government for five years.

Looking at major budgets, a total of 31.6 trillion won has been set aside to build a social safety net amid growing warnings of an economic recession. Due to the increase in the standard median income, the amount of living benefits will be raised from 1.54 million won to 1.62 million won (four-person households) per month, and social insurance premiums will also be provided for 280,000 workers from vulnerable groups such as special employment. 300 billion won will be newly invested in moving expenses and deposits for vulnerable people living in semi-basement and side rooms, and 166 billion won in budget was set up for emergency loans for damage to cans during interest rate hikes for the first time.

 

first[fɜːrst]

• 1.첫, 첫 (번)째의; 첫째 2.첫째[제일/일등]의 3.우선, 맨 먼저 4.처음(으로) 5.최초의[맨 첫] 인물[것] 6.처음 (한 일)

set미국∙영국[set]

• 1.(특정한 장소위치에) 놓다 2.(특정한 상태에 있게어떤 일이 일어나게) 하다
• 3.세트, (두 개 이상의 물건으로 된) 한 조(組)[질] (→tea set) 4.(게임 등에 쓰이는 물건들을 함께 모은) 세트 
• 5.위치한, 자리한  6.계획된, 정해진 (→set book)

government[ɡʌvərnmənt]

• 1.통치[정치] 체제   2.행정, 통치 (→big government)

budget미국∙영국[ˈbʌdʒɪt]

• 1.예산, (지출 예상) 비용 2.(정부회사 등의) 예산(안) 3.예산을 세우다 4.저가의, 저렴한

the미국∙영국[ðə; ði 강형 ðiː]

• 1.이미 언급되었거나 쉽게 알 수 있는 사람·사물 앞에 붙임
• 2.유일한 존재·해당 유형 중 일반적이거나 두드러지는 사람·사물 앞에 붙임
• 3.어떤 사람·사물을 설명할 때 씀

suk미국∙영국[sú:k]

• 1.(아랍 나라들의) 시장, 정기시

Set

• 1.세트 ((짐승 머리와 뾰족한 코를 가진 악의 신))

year[jɪr]

• 1.(1년 열두 달로 이뤄진) 해[년/연] (→leap year, new year)
• 2.1년[한 해](라는 기간) (→gap year, light year, off year)
• 3.(특정한 활동과 관련된) 해[년/연도] (→financial year)

main미국∙영국[meɪn]

• 1.(같은 종류 중) 가장 큰[중요한], 주된, 주-
• 2.(수도가스를 나르는) 본관, (전선 중) 간선 (→water main)
• 3.(하수관) 본관

from[frʌm; frɑːm]

• 1.(출발지) …에서(부터)
• 2.(시작 시각) …부터
• 3.…에게서 (온/받은)

last[læst]

• 1.(비슷한 여러 개 중에서) 마지막의
• 2.가장 최근의, 바로 앞의, 지난
• 3.맨 끝[뒤]에, 마지막에
• 4.가장 최근에, 마지막으로
• 5.(어떤 장소에 오거나 발생한 순서상으로) 마지막[최후의] 사람[물건]
• 6.마지막 남은 것