South Korea has proposed a record 468-billion U.S. dollar budget for 2021.
This was revealed Tuesday by the Ministry of Economy and Finance.
The proposed bill is eight.five percent higher than this year's budget and it's aimed at overcoming the economic turmoil sparked by the COVID-19 outbreak.
"In short, next year's budget bill can be described as a 'leading nation overcoming the COVID-19 pandemic.' For this, we'll actively support Korean New Deal projects and focus on ensuring a fast and swift economic recovery."
The centerpiece of the bill is nearly 18 billion dollars set aside for Korea's Digital and Green New Deal projects for the post-COVID-19 world, which is expected to create some 360-thousand jobs.
The government has ten key projects planned as part of the New Deal.
One of them is to build a so-called 'Digital Dam', by collecting data for use by the public and private sectors.
The government will inject nearly two.four billion dollars into building the digital dam.
Another big slice will be used to stimulate the economy, including maintaining and creating some two million jobs, boosting consumption as well as expanding private and public investments and regional developments.
The government will also spend some one.five billion dollars to be a leading country in terms of virus prevention measures.
The fund will be used to strengthen the prevention system, including building more hospitals for infectious diseases, developing COVID-19 vaccines and treatments and training talent in the medical field.
In addition, the government will provide roughly 38 million dollars to schools so they can run online classes as concerns linger over COVID-19.
The 2021 budget bill has been drafted to be expansionary.
South Korea's budget deficit to GDP ratio is forecast to be at five.four percent and the national debt to GDP ratio is expected to be around 47 percent next year.
Eum Ji-young, Arirang News.