The spending increase, the largest on-year spending hike since 2009, is higher than a 3.5 percent rise in expenditures set for the 2013-2017 period.
“The primary aim of the ‘expansionary’ budget for next year is to help boost the slowing economic recovery,” said Bang Moon-kyu, second vice minister of strategy and finance, during a pre-announcement press briefing.
The government plans to send the budget request to the National Assembly by Sept. 23, officials said.
In South Korea, the fiscal year begins on Jan. 1 and ends on Dec. 31.