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South Korea focuses on welfare

South Korea will be focusing on improving its welfare, amid increasing spending and creating more jobs as of the upcoming year, while in the meantime searching for resources to boost growth, the finance ministry stated today.

South Korea's spending to reach 400.7 trillion won

The spending will likely reach the 400.7 trillion won, approximately $358.54 billion.

The biggest spending share will be for labor, welfare, and health ranging to 130.0 trillion won, being 5.3% greater than 2016.

Furthermore, the nation's government will use some 17.5 trillion won to create jobs, despite that there is no a clear indication of the exact amount at the moment.

Moreover, Yoo Il-ho, South Korea's Finance Minister, said that the government aims to support the economy aggressively in an attempt to secure the nation during turbulent times.

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Tuesday, 30 Aug, 2016 / 7:36

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