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South Korea’s National Assembly passed a super-sized budget bill worth 512.3 trillion won ($429.6 billion) for next year on Tuesday after slight scale-back from the government spending plan as the economy is expected to perform no better after finishing this year with the weakest growth in a decade.

The budgetary bill rubber-stamped without the backing of the main opposition Liberty Korea Party has been reduced from the government’s proposed 513.5 trillion won, but nevertheless 9.1 percent higher from former record-high spending of 469.6 trillion won for this year.

The largest volume of 2.07 trillion won has been earmarked for financial supports for development of materials, components and equipment, a division newly set up in the aftermath of Japan’s export restrictions in July on three high-tech materials used in manufacturing chips and display that added woes to the components industry amidst global slowdown.

The second largest amount of 266.7 billion won has been dedicated to balance growth across the nation.


The government has increased budget for childcare support by 247 billion won from this year to enhance quality of childcare service and pre-school education.

The ruling party joined hands with four other minor opposition parties to pass the budget that failed to get through before the statutory deadline.

Earlier that day, the National Assembly also passed 16 less controversial bills which including the so-called Min-sik bill that was named after a nine-year-old boy who died in a car accident near his elementary school in September. The Min-sik bill makes it mandatory to set up speed cameras on school zones and strengthen punishment on offenders.

[ⓒ Maeil Business Newspaper & mk.co.kr, All rights reserved]