Social Affairs
A look into next year's budget for welfare, defense
Aug. 29, 2023
Defense South Korea's Defense Ministry has proposed to raise expenditures by around 17 percent to advance the development of an indigenous three-axis defense system, aimed at countering North Korean missile and nuclear threats and retaliating in the event of an attack. Total defense spending is estimated at approximately 59.6 trillion won ($45.1 billion), a 4.5 percent increase from last year, according to the ministry. An estimated 41.8 trillion won is earmarked for expenditures related to