Govt. proposes 2014 budget, 30% allotted for welfare
Numbers have been crunched and the funds have been divided now all that remains to be seen is how the parliament and the Korean people react to the Park administration's first national budget draft.
The government says it plans to spend a total of 357.7 trillion won, or roughly 3-hundred-33 billion U.S. dollars next year, which is a 4.6 percent increase from this year's spending.
More than 98 billion dollars, or nearly 30-percent of the total, has been earmarked for the welfare sector, but Finance Minister Hyun Oh-seok says the budget proposal is centered on revamping the sluggish economy.
The draft was drawn up under the premise that Asia's fourth largest economy will grow by 3.9 percent next year, which is slightly lower than the government's previous outlook.
Some 47 billion dollars is allotted for education, more than 33 billion for national defense, and some 16 billion for research and development.
The draft was endorsed during a Cabinet meeting earlier this Thursday morning, and will be submitted to parliament by next Wednesday.
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