What did President Lee Jae Myung say about the 2027 budget bill?

Lee called for broad political cooperation so the budget could become one that gives people hope for a better future. He said the plan should support national growth, expand fiscal capacity, and strengthen industrial capabilities.

How large is South Korea’s 2027 government budget proposal and why is it rising?

The government proposed a record 820.9 trillion won budget for next year, up more than 10 percent from this year. The increase comes amid expectations of higher tax revenue from a semiconductor boom.

What happens to the 2027 budget bill after the Cabinet meeting?

The government must submit the proposal to the National Assembly at least 120 days before next year begins, and this year’s deadline is Thursday. After lawmakers review it, they are expected to complete the budget bill by December.

Lee calls for bipartisan cooperation for 2027 government budget

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Summary

President Lee Jae Myung called for bipartisan support for the government’s 2027 budget bill at a Cabinet meeting in Seoul on Tuesday. The government proposed a record 820.9 trillion-won budget for next year, up more than 10 percent from this year. Lee said the plan should help boost global industrial competitiveness and create a productive virtuous circle for growth and fiscal capacity. He also said the budget would face review in the National Assembly, with lawmakers expected to finalize it by December.

Key Facts

The government proposed a 2027 budget of 820.9 trillion won, or $599 billion, which is more than 10 percent higher than this year’s budget.
The budget proposal was reviewed and approved at a Cabinet meeting before submission to the National Assembly.
By law, the government must submit its budget proposal to the National Assembly at least 120 days before the start of next year, making Thursday the deadline this year.
Lawmakers are expected to finalize the budget bill by December after the review process.

By Yonhap

Published Sep 1, 2026 8:15 am KST
Updated Sep 1, 2026 11:24 am KST

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.

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