🇰🇷 South Korea Boosts Economy with $9 Billion Extra Budget! 💰

The South Korean government is injecting approximately ₩12 trillion (around $9 billion USD) into the economy through a supplementary budget. This is ₩2 trillion more than initially planned! The focus? Helping small businesses, vulnerable populations, and boosting key industries like AI.

Key Areas of Investment

• Disaster Relief (₩3+ trillion): Strengthening disaster preparedness with advanced equipment and increased reserve funds. Think more forest helicopters 🚁, AI surveillance cameras 📹, and firefighting vehicles 🚒.
• Trade & AI Competitiveness (₩4+ trillion): New policy funds, expanded export support, and significant investment in AI and semiconductor infrastructure. Specifically, ₩1.8 trillion is earmarked for AI, including securing thousands of additional GPUs and expanding the ‘AI Innovation Fund’.
• Support for Small Businesses & Vulnerable Groups (₩4+ trillion): Introducing a ‘Burden Relief Credit’ for small businesses to help with utility bills and insurance (worth around ₩500,000 annually). Also, a ‘Win-Win Payback Program’ that offers *Onnuri* gift certificates as refunds for increased credit card spending. Plus, increased financial support for low-income youth, students, and those with lower credit scores.

*Onnuri gift certificates (온누리상품권)*: These are traditional market gift certificates, designed to encourage spending at local markets and support small businesses. Think of them like a prepaid card you can only use at specific places!

Streamlining Processes

To ensure projects get off the ground quickly, the government is also simplifying feasibility study procedures for large-scale projects and holding the fiscal project evaluation committee meetings more frequently.

Call for Swift Action

The government plans to submit the revised budget to the National Assembly soon. Deputy Prime Minister Choi Sang-mok emphasized the importance of timing and urged the National Assembly for bipartisan support to pass the bill quickly. ⏳