South Korea's Lee set to address National Assembly on 2027 budget

The government submitted the budget bill to the National Assembly in September, proposing 820.9 trillion won ($614.5 billion) in total spending for 2027, up more than 10 percent from this year. The report attributed the increase to expectations of higher tax revenue from a semiconductor boom.

During the speech, the president was expected to stress the need for higher spending on stabilizing household livelihoods, developing future growth engine industries and promoting balanced regional development, while urging parliament to pass the bill.

The bill would establish a 160 trillion won Future Fund, described in the report as aimed at supporting younger generations, promoting economic growth and boosting regional development. The report described the bill as the largest-ever budget proposal.