Overview

• Finance Minister Choi Sang-mok announced a 2 trillion won increase to the previously proposed supplementary budget, bringing the total to 12 trillion won.
• The additional funding addresses recovery efforts following severe wildfires that devastated southeastern regions of South Korea.
• The budget also aims to enhance trade competitiveness, particularly in artificial intelligence, in response to escalating US-imposed tariffs, including a 25% duty on South Korean exports.
• Key priorities include disaster response, bolstering industrial sectors, and supporting public livelihoods during ongoing economic pressures.
• The revised proposal incorporates input from the National Assembly and media, reflecting a collaborative approach to fiscal policy.