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Industry

Government to set up future response fund based on 162.3 trillion won in extra tax revenue, double megaproject budget

South Korea’s government plans to create and set aside a 162.3 trillion won future response fund in its 2027 budget, allocating 45.4 trillion won to four areas: youth, growth engines, regions and education and talent. Spending for “three megaprojects plus AI” covering semiconductors, physical AI and AI data centres rises 97.2 percent to 21.3 trillion won. Total 2027 spending is set at 820.9 trillion won, up 12.8 percent.

Finance

South Korea first-half fiscal deficit narrows to 84.4 trillion won

South Korea\'s fiscal deficit in the first half narrowed from a year earlier as revenue rose faster than spending, the budget agency said on Aug. 13. The managed fiscal balance stood at a 84.4 trillion won deficit as of end-June, 9.9 trillion won smaller than a year earlier. Total revenue rose to 381.9 trillion won, led by national tax revenue, while total spending increased to 425.8 trillion won.