(MENAFN) South Korean government plans to increase its spending for 2016 by a slight 3 percent from this year to give the country's economy a much needed boost amid unsettling domestic and external conditions.
To see its plans through, it will ask the National Assembly to approve its higher USD324 billion budget as opposed to last year's allocated budget, which comes amid growing worries that the nation's economy may plunge even more.
Slumping exports and weak domestic demand will ultimately be the key reason for any given economy, and Asia's fourth-largest economy won't be an exception, proved by the 14.7 percent drop in exports to USD39 billion in August.
The government expects to gather USD325 billion in total tax income in 2016, up 2.4 percent from 2015, with its fiscal deficit rising to USD30 billion next year from USD27 billion in 2015, resulting in debt leaping USD41 billion on-year to USD535 billion in 2016.
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