Finance Minister Hong Nam-ki said Wednesday that 62 percent of the state budget will be implemented in the first half of this year as South Korea seeks to revitalize the economy through large-scale investment projects.
In particular, the government will spend 37 percent of the budget for job creation in the first quarter, Hong said in a meeting with economy-related ministers earlier in the day.
"This year, the government will do its best to swiftly implement budget spending to support the economy," Hong said.
South Korea's economy is expected to grow 2.4 percent this year, following last year's estimated 2 percent expansion, on the back of an anticipated recovery in the memory chip sector and a series of policy measures.
Hit by a lengthy U.S.-China trade war and a cyclical slump in the memory chip sector, the nation's economy is poised to report its weakest annual growth in a decade last year.
As part of the government's initiative to boost the economy through investment, state-run institutions will expand next year's investment to 60 trillion won (US$51.4 billion) from 55 trillion won for this year.
Also, the government will encourage private firms to spend 25 trillion won in large-scale investment projects. (yonhap)