South Korea sees strong downward risk to 2023 budget revenue

SOUTH Korea’s finance ministry said on Tuesday (Mar 28) there was a strong downward risk to the government’s budget revenue projection this year mainly from a slowing economy, both at home and abroad.

“There is a strong downward risk from factors including a slowdown in corporate earnings and asset transactions, while there is also a high uncertainty ahead on the economic and asset price outlook,” the ministry said in a statement.

There was no indication of any imminent plan to revise this year’s budget from the statement, which was issued mainly to emphasise the sound management of the budget.

South Korea’s budget covering the year ending on Dec 31 has set tax and non-tax revenue rising by 0.1 per cent to 425.4 trillion won (S$436 billion), while income from public funds is set to grow 8.8 per cent to 200.3 trillion won. REUTERS