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Asia, Forex

S.Korea to propose 9.2% spending increase in 2020 budget to support growth

SEJONG, South Korea, Aug 23 (Reuters) – South Korea’s finance minister said on Friday the government would propose to increase spending by 9.2% in next year’s budget to shield Asia’s fourth-largest economy from growing risks.

Hong Nam-ki told reporters at a briefing that the government was working on a budget of about 513 trillion won ($423.5 billion) for next year after considering the downside risks to growth and long-term fiscal conditions.

It would be a 9.2% spending increase from this year’s annual budget, excluding an extra budget introduced later in the year.

The government is due to submit its budget bill by early next month to parliament for approval.

Hong also said the government’s decision on Thursday to end a military intelligence-sharing agreement with Japan could make it difficult for the two countries to settle trade disputes. ($1 = 1,211.2000 won) (Reporting by Joori Roh, Writing by Choonsik Yoo; editing by Darren Schuettler)

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