S Korea eyes fiscal discipline with smallest spending in 13 years
SEOUL : South Korea said on Tuesday it would cut annual government spending for the first time in over a decade next year, as it seeks to curb its pandemic-era stimulus and help the central bank rein in a red-hot economy.
Excluding extra budgets, South Korea's 2023 spending will grow by 5.2 per cent, the slowest since 2017. By contrast, governments from Australia to Canada have continued expansionary fiscal policies so far even as their central banks have raised rates to tackle soaring inflation. But the budget also foresees an increase in social welfare expenses for low-income earners and the vulnerable, with demand for welfare spending only likely to grow in a rapidly aging economy. South Korea's birth rate hit a fresh record low of 0.81 child per woman last year.
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