Lee calls for bipartisan cooperation for 2027 government budget
President Lee Jae Myung / Yonhap
President Lee Jae Myung on Tuesday called for bipartisan support for the government's 2027 budget bill, stressing that next year's budget will be important in bolstering the country's global industrial competitiveness.
The president issued the call at a Cabinet meeting to review and approve the government's 2027 budget proposal.
Earlier in the day, the government proposed a record 820.9 trillion-won ($599 billion) budget for next year, up more than 10 percent from this year, amid expectations of increased tax revenue stemming from a semiconductor boom.
"I expect broad political cooperation so that next year's budget bill can become one that gives all people hope of creating a future that is better than today," Lee said.
The president said, with the new budget, the government seeks to make a breakthrough in national growth that will, in turn, help expand the country's fiscal capabilities, creating what he called a "productive virtuous circle."
He argued the country stood at a critical crossroad between prolonged low growth and a rebound in the potential growth rate.
"We definitely need a fiscal strategy of a productive virtuous circle to expand the economic pie and upgrade industrial capabilities, which will then help expand national fiscal capabilities," Lee said.
"Amid the rapid shifts in the global order, the budget bill should serve as a solid stepping stone for the country to advance as a leading country that far exceeds (others)," the president added.
By law, the government is required to submit its budget proposal to the National Assembly at least 120 days before the start of next year, making Thursday this year's deadline.
Once the budget bill is presented to the National Assembly, lawmakers are expected to finalize it by December after adjustments through a review process.