2022 budget drawn up to help make strong leap forward beyond riding out pandemic
The government proposed an expansionary budget of 604.4 trillion won for 2022, an 8.3 percent increase from the previous year. Tax revenues growing extensively backed by steady recovery, fiscal deficits are expected to decline substantially by 20 trillion won in 2022. The 2022 budget aims to help citizens recover from the pandemic, promote the sharing of economic recovery and push toward an adequate preparation for a post-pandemic economy. In 2022, the government will work toward these goals as it will increase recovery-support investment, raise spending on inclusive growth, boost investment in net-zero, digital transformation and other restructuring issues, and reinforce social security insurance.
The 2021-2025 fiscal management plan has been drawn up to secure fiscal sustainability in the midterm according to the fiscal rules, as well as through fiscal spending innovation.
* For further details, please refer to the attached file