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South Korea 2017 budget aims at job creation

South Korea 2017 budget aims at job creationSouth Korea wants to focus on creating more jobs and seek for new sources of economic growth while spending won’t be increased much next, the unveiled draft 2017 budget showed on Tuesday.

Budgeted spending will increase 3.7 percent to 400.7 trillion won ($358.54 billion) next year, picking up from 2.9 percent growth set for this year, said Finance Minister Yoo Il-ho in a news conference announcing the budget.

The biggest part of spending at 130.0 trillion won will relate for health, welfare and labor.

Also government wants to spend 17.5 trillion won solely for job creation, but a specific target number for new jobs was not mentioned.

"We plan for government spending to carry out an aggressive role for the economy to hold its balance in a turbulent time," Il-ho said.

"Next year's budget is as expansionary as it can be and focuses on job creation and recovering economic activity," he added.

South Korea is planning to scrap ineffective creating jobs projects. More government investment will be directed to industries that young Koreans prefer working in, such as gaming and technology.

The government is planning to submit next year's budget bill for parliament’s approval by September 2.
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