Archive · 16 Jun 2025
South Korea Plans Second Supplementary Budget to Bolster Economy
South Korea is creating a second extra budget to help its economy.
The government wants to assist people with the rising cost of food and the overall economic situation.
They will extend tax breaks on oil to help with high prices and keep tax cuts on cars.
This comes as the country's growth forecast has been lowered, indicating a need for economic support.
The new budget aims to help people and boost the economy.
South Korea will introduce a second supplementary budget this year.
The budget aims to support the economy, address inflation, and help people's livelihoods.
Spending will include measures to ease the burden of rising food prices.
Tax breaks on oil products will be extended by two months, and car purchase tax cuts will continue.
The central bank lowered the economic growth outlook to 0.8%.
- Who
- South Korean government.
- What
- South Korea is introducing a second supplementary budget.
- When
- The second supplementary budget will be introduced on Thursday.
- Where
- South Korea.
- Why
- To support the economy and address inflation.
Government Initiatives
No opposing sides.
Food Price Stability
Government Initiatives
Government aims to mitigate the impact of rising food costs through financial support.
No opposing sides.
Not applicable, this is a factual news.
Tax Relief Measures
Government Initiatives
Government will extend tax breaks on oil products and car purchase tax cuts.
No opposing sides.
Not applicable, this is a factual news.
- Budget Type
- Supplementary
- Budget Purpose
- Support the economy and address inflation
- President
- Lee Jae-myung
- First Budget Value
- 13.8 trillion won
- Economic Growth Outlook
- 0.8%
- Inflation Rate (May)
- 1.9%