south korea outlines budget to create jobs
Last Updated : GMT 08:21:11
Arab Today, arab today
Arab Today, arab today

South Korea outlines budget to create jobs

Arab Today, arab today

Arab Today, arab today South Korea outlines budget to create jobs

Seoul - AFP

South Korea's government Tuesday proposed a 2012 budget that would cut the fiscal deficit while boosting jobs and social welfare programmes to ease the impact of global economic uncertainty. The proposal, to be presented to parliament Friday, calls for total spending of 326.1 trillion won ($272.7 billion) next year, a 5.5 percent rise over this year. "It is inevitable to place the top policy priority on job creation to minimise the impact of the global fiscal crisis on the real economy," Finance Minister Bahk Jae-Wan told reporters. "We drew up next year's spending plan as a jobs budget." The government will offer 9.5 trillion won to create 562,000 jobs for younger people, senior citizens and others vulnerable to an economic slowdown. The figure is up from this year's 9 trillion won. It will also launch a 200-billion-won fund intended to help young people start their own businesses. It will spend more on encouraging people to get jobs and provide job training for those in their 40s and 50s. "The 2012 budget puts priority on creating jobs and supporting those who want to work but face difficult situations, by providing customised welfare services," the finance ministry said in a statement. Total income next year is forecast to grow by 9.5 percent to 344.1 trillion won, leaving a fiscal deficit for 2012 equal to 1 percent of gross domestic product compared with 2.0 percent this year. The aim is to balance the budget in 2013. Overall sovereign debt will be cut to 32.8 percent of gross domestic product next year compared with 35.1 percent this year under the budget. Health and welfare spending will rise 6.4 percent next year, education spending will increase 9.3 percent and defence outlays will rise by 5.6 percent if the budget is approved by legislators. The projections assume 4.5 percent growth and 3.0 percent inflation next year. The International Monetary Fund this month cut its growth forecast for this year to 4 percent from 4.5 percent, citing the "unusual uncertainty in the external environment". The finance ministry said the economic recovery trend would remain intact this year, "but uncertainties have increased because of the fiscal crisis among key advanced countries". It said it would endeavour to strengthen the government's fiscal health to give it the ability to respond to any local economic crisis.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

south korea outlines budget to create jobs south korea outlines budget to create jobs

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

south korea outlines budget to create jobs south korea outlines budget to create jobs

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Japanese regulators raid Airbnb

GMT 00:44 2017 Monday ,20 November

Japanese regulators raid Airbnb
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today Saudi, Bahrain target Iran

GMT 00:48 2017 Monday ,20 November

Saudi, Bahrain target Iran
Arab Today, arab today Europe turns on Facebook, Google

GMT 02:26 2017 Monday ,20 November

Europe turns on Facebook, Google
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Driverless, electric future just round

GMT 02:45 2017 Monday ,20 November

Driverless, electric future just round
Arab Today, arab today Tesla unveils its all-electric semi truck

GMT 02:59 2017 Saturday ,18 November

Tesla unveils its all-electric semi truck
Arab Today, arab today Mona Abdel Ghany increased artistic activities

GMT 12:15 2017 Friday ,17 November

Mona Abdel Ghany increased artistic activities
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 12:22 2017 Thursday ,16 November

Hanan Metawe denies apology for “Major Treason”

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 02:28 2017 Saturday ,18 November

Anti-drug operation nets 4 tonnes

GMT 01:34 2017 Friday ,17 November

Banyan Tree Phuket Takes Festive Season

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday