President Lee calls for bipartisan cooperation on 2027 budget

During a Cabinet meeting to review and approve the budget proposal, Lee stated that the 2027 budget is crucial for fostering national growth and expanding fiscal capabilities, creating what he termed a "productive virtuous circle." He argued that the country is at a critical juncture and needs a strategic fiscal approach to expand the economy and upgrade industrial capacities.

Earlier the same day, the government unveiled a record 820.9 trillion-won (US$599 billion) budget for the upcoming year, marking an increase of over 10 percent from the current year. This expansion is anticipated to be supported by increased tax revenue, partly due to a boom in the semiconductor industry.

Lee expressed his expectation for broad political cooperation to ensure the budget bill provides hope for a better future for all citizens. He stressed that in the face of rapid global shifts, the budget should serve as a foundation for South Korea to advance as a leading nation.

According to law, the government must submit its budget proposal to the National Assembly at least 120 days before the start of the fiscal year, with the deadline falling on Thursday. Lawmakers are expected to finalize the budget by December following a review and adjustment process.