Seoul proposes another 8% increase in defence spending

16 June 2019

The South Korean government has proposed a 2020 defence budget of KRW50.4 trillion (USD42.5 billion).

The expenditure - announced by the Ministry of Economy and Finance (MOEF) on 14 June - represents an 8% increase over the defence allocation of KRW46.7 billion in 2019, which was also an 8% year-on-year rise.

The proposed defence budget for 2020 amounts to 10.1% of total government expenditure, a slightly higher proportion that the allocation in 2019. The 2020 budget will now be forwarded to the National Assembly, which will make a decision on the finalised budget in September.

The MOEF also said that for 2020 spending on cross-sector research and development (R&D) will reach KRW22.4 trillion, a 9.1% increase over 2019.

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