South Korea’s Ministry of National Defense (MND) has announced a defence budget of KRW50.15 trillion (USD42 billion) for 2020.
The MND said on 11 December that the expenditure, proposed earlier this year, has now been approved by the National Assembly. The new budget is a 7.4% increase over spending in 2019, and the 2020 defence budget will also amount to about 2.5% of national GDP.
The 2020 defence budget includes KRW33.6 trillion for military operations and expenses, which represents a 6.9% increase on this allocation in 2019, the MND added. The remainder – KRW16.7 trillion, an increase of 8.5% – is allocated to force modernisation, including procurement and research and development.
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