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The government has set the budget for next year at 555.8 trillion won, an 8.5% increase over this year. He designed the largest “deficit budget” in history, which will undo 72.8 trillion won more than next year’s total revenue (483 trillion won). As Narat’s debt rises significantly, the national debt-to-GDP ratio is expected to rise from 39.8% to 46.7% next year.
The government held a meeting of the state council on the morning of the 29th to finalize the ‘2020 budget plan’ and the ‘2019-2023 national fiscal management plan’ and present it to the National Assembly on the 3rd of next month.
To boost economic vitality and increase investment in well-being, the government formulated a super-expanded budget of 8% next year after this year (9.3% increase).
This is the fourth time the government has designed a deficit budget since 2005, when the government began managing the general account, the special account, and the funds. Last year, a budget of 511.5 billion won was arranged as an expense budget, but the revenue was 482 billion won, which was an additional 31.5 billion won.
The size of the deficit government bonds issued to make up for insufficient money will reach 90 trillion won next year. This is an increase of 30 trillion won compared to the 60.2 trillion won issued under last year’s budget.
The reason the government has run a deficit budget is that revenues are declining because it has decided to increase spending for economic revitalization projects like the Corona 19 crisis and Korea’s New Deal. Next year’s national tax revenue is estimated to be 22.8 trillion won, a decrease of 9.2 trillion won (3.1%) from this year.
This is because corporate tax and value added tax are expected to decrease significantly. If national tax revenues decline next year, it will be the second time since 2013 after last year.
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The government will invest nearly 200 trillion won, the largest total spending for next year, in the health, welfare and employment sectors. It is 10.7% higher than this year. In addition to expanding social insurance such as the National Employment Insurance System, various policies are being increased to strengthen the protection of vulnerable groups such as Moon Jae-in care and the disabled, farmers and fishermen. Regarding medical support, it plans to expand payment elements such as chest ultrasound, echocardiography and spinal disc.
While promoting the Korean New Deal in preparation for the post-crown era, budgets in the fields of industry, environment and R&D increase by 12.3 ~ 22.9%, respectively.
To support small business owners, the local love gift certificate issuance scale will also increase significantly from 9 trillion won this year to 15 trillion won next.
Vice Premier Hong Nam-ki and Minister of Strategy and Finance said on the day: “Now is the time to focus not only on overcoming the crown crisis, but also on preparing for the great transformation of the economy and social structure. after the coronavirus. ” As the last bastion of the future, the 2021 budget will play a central role in covering that golden age. ”
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