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Bloomberg
South Korea’s parliament approved a 2023 budget that reflects a more rigorous fiscal approach from the new government as it tries to position the nation to address rising economic risks.
The 639 trillion won ($499 billion) fiscal blueprint passed represents efforts by officials under President Yoon Suk Yeol to reduce South Korea’s debt dependence and wean the economy off pandemic-era stimulus.
A relaxation of Covid restrictions has allowed businesses to bounce back with less government support. That’s giving policy makers a chance to pivot to issues ranging from an aging population to slowing economic growth and mounting geopolitical uncertainty.
The economy is expected to decelerate in 2023 due to weaker exports and still-elevated interest rates.