The Korean government plans to spend nearly a third of the nation's budget on boosting welfare next year.
This is according to the 2013 budget plan, unveiled on Tuesday by the Finance Ministry.
The government is aiming to spend around 292 billion U.S. dollars next year, 14 billion more than the amount set aside for 2012.
And of this amount, it plans to inject over 82 billion dollars, roughly 28 percent of the nation's total budget into creating new jobs and improving health and welfare policies.


[Interview : Kim Dong-yeon, Vice Minister
Ministry of Strategy & Finance] "We will create 100-thousand youth-friendly jobs and establish a labor structure that secures and shares employment. More money will be spent for the safety of our citizens, which means rooting out sexual and school violence, and preventing natural disasters."

The budget outlines plans to cut Korea's fiscal deficit to 4-billion dollars, or zero.3 percent of gross domestic product, the smallest in SIX years and down from this year's estimated 12 billion dollar deficit.
Due to the slowing global economy, the ministry said it will achieve a balanced budget by 2014, rather than its previously stated deadline of 2013.


[Interview : Kim Dong-yeon, Vice Minister
Ministry of Strategy & Finance] "Korea will run a fiscal surplus of zero.1 percent of the GDP in 2014 and eventually at zero.5 percent of the GDP in 2016."

The government's spending plan is based on the premise that the Korean economy will expand four percent next year, which is weaker than its earlier forecast of 4.3 percent in June.


[Reporter : Hwang Sung-hee
ssung86@arirang.co.kr] "The budget plan still needs to be submitted for approval by the National Assembly next month.
If it is approved by lawmakers on time, the government will be able to execute its spending plan accordingly from the beginning of 2013.
Hwang Sung-hee, Arirang News."

Reporter : ssung86@arirang.co.kr