Korea eyes boosting total spending by 5.3%

But the actual spending will grow more remarkably by 7.3%.

According to DBS, the finance ministry this week announced its budget proposal for 2013. The government plans to increase total spending by 5.3% next year, a same rate of increase as in 2012. The actual spending (including public financing via bank loans) will grow more significantly by 7.3%.

Here's more from DBS:

The increase in fiscal spending next year will focus on social welfare, such as social security insurance for the low income class, childcare benefits, college scholarship and senior employment. This is in line with the objectives of narrowing income gaps and improving social equality (the concept of “economic democratization”) proposed by the ruling NFP party during the ongoing election campaign.

Meanwhile, the government also emphasizes the long-term targets of sustaining growth and enhancing the core competitiveness. Higher spending will also be directed to R&D in the new growth sectors and investment in human capital

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