South Korea focuses on fiscal discipline with smallest budget increase in two decades
South Korea's government plans to increase its budget spending for 2024 to nearly $497 billion, marking the smallest increase in two decades. The finance ministry's annual spending plan aims to prioritize fiscal discipline amid weakening tax revenue and slower economic growth. The conservative Yoon Suk Yeol administration aims to improve the government's fiscal position and has refrained from excessive spending to boost growth.
