South Korea unveils US$13 billion extra budget to aid small businesses

2/3/2021 14:28

        South Korea is drafting an extra budget of 15 trillion won (US$13.38 billion), it said, to boost support for small businesses and safeguard jobs as the resurgent coronavirus forces the government to retain social distancing curbs.
        
        The finance ministry said total government spending would increase to a record 573 trillion won this year, up 11.9 per cent from last year, while expected tax revenue is seen growing just 0.3 per cent.
        
        That is set to worsen the debt-to-GDP ratio by 8.4 percentage points to a record 48.2 per cent in 2021, versus 43.9 per cent last year.