South Korea sets record US$600 billion budget, backed by chip windfall

Asia - South China Morning Post · Sep 1, 2026

South Korea on Tuesday unveiled its most aggressive financial spending plan on record, setting total government expenditure for 2027 at 821 trillion won (US$600 billion) to strengthen the country’s technological edge amid the global AI race. In its annual budget proposal, the budget ministry said the spending plan ‌represented a 12.8 per cent rise from 2026, marking the largest year-on-year increase in the country’s history. The proposal signals a shift in Asia’s fourth-largest economy under...