Politics · South Korea · 1 hr ago
Lee proposes 820.9 trillion won budget with more support for regions
President Lee Jae-myung presented South Korea’s 2027 budget proposal to the National Assembly on November 2.
The plan sets total government spending at 820.9 trillion won, up 12.8% from this year.
Lee said the budget would prioritise efficient spending, direct financial support over tax credits, and regions outside the capital area.
The government says it has cut or restructured spending across thousands of programmes and would redirect some tax benefits to reach more people with direct support.
The proposal includes more funding for young people and regional development, as well as investment in research, semiconductors and artificial intelligence.
Lee asked lawmakers to pass the budget and related bills by the December 2 legal deadline; the plan must be considered by the National Assembly.
President Lee Jae Myung proposed a 2027 budget of 820.9 trillion won, a 12.8% increase from this year.
He said the plan would prioritize support for regions, alongside spending on households, young people, future growth and national security.
The proposal includes 21.3 trillion won for semiconductors, physical artificial intelligence and AI data centres.
The government says it reviewed spending and cut or restructured funding across thousands of programmes.
Lee asked Parliament to pass the budget and related bills by Dec. 2.
- Who
- President Lee Jae Myung proposed the budget.
- What
- He presented a 2027 government budget plan worth 820.9 trillion won, with increased spending and support for regions.
- When
- Nov. 2, 2026.
- Where
- The National Assembly in Seoul, South Korea.
- Why
- Lee said the plan would support households and young people, future growth, regional development, defence and safety.
This story does not have two clearly opposing sides.
Lee presented the 2027 budget proposal to the National Assembly in Seoul.
Lee asked Parliament to approve the budget and related bills by the legal deadline.
- Total proposed spending
- 820.9 trillion won
- Increase from 2026
- 12.8%
- AI and semiconductor projects
- 21.3 trillion won
- Defence budget
- 73.3 trillion won, up 8.2%
- Spending restructuring
- 107.2 trillion won
- Parliamentary deadline requested
- Dec. 2
3 sources
What people are saying
I will make a major shift to growth for everyone, so that all regions and people can share in its benefits.
We will allocate 21.3 trillion won (US$16 billion) to semiconductors, physical AI and AI data centres, the ‘three mega-projects’, as well as investment in artificial intelligence, nearly double this year’s amount.
I ask for the National Assembly’s active cooperation so that next year’s budget and related bills can be finalized by the legal deadline of December 2.