The South Korean government has compiled its draft budget for next year, seeking a 4.5 percent year-on-year increase in defense spending to respond to North Korea's nuclear and missile threats.
South Korea's Cabinet approved the draft on Tuesday.
The defense ministry requested nearly 59.59 trillion won, or about 45 billion dollars. It says about 5.4 billion dollars are necessary to bolster the country's three-pronged deterrence system consisting of preemptive strikes, shooting down incoming missiles and retaliation.
The ministry also says improving conditions for soldiers, including raising wages, is another pillar of the budget increase.
South Korea's defense budget has been surpassing 2 percent of its GDP.
The Stockholm International Peace Research Institute, which analyzes global military spending, says South Korea's 2022 defense spending surpassed that of Japan, ranking ninth globally.
The South Korean government plans to submit the budget proposal to the National Assembly on Friday.
South Korea's Cabinet approved the draft on Tuesday.
The defense ministry requested nearly 59.59 trillion won, or about 45 billion dollars. It says about 5.4 billion dollars are necessary to bolster the country's three-pronged deterrence system consisting of preemptive strikes, shooting down incoming missiles and retaliation.
The ministry also says improving conditions for soldiers, including raising wages, is another pillar of the budget increase.
South Korea's defense budget has been surpassing 2 percent of its GDP.
The Stockholm International Peace Research Institute, which analyzes global military spending, says South Korea's 2022 defense spending surpassed that of Japan, ranking ninth globally.
The South Korean government plans to submit the budget proposal to the National Assembly on Friday.
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Summary
South Korea's draft budget for next year includes a 4.5% increase in defense spending, totaling approximately $45 billion, to counter North Korea's nuclear and missile threats. The defense ministry requests this allocation for bolstering the three-pronged deterrence system, improving soldier
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ID: 974b79d7-dc75-41ca-8785-78986d895e04
Category ID: nhk
URL: https://www3.nhk.or.jp/nhkworld/en/news/20230829_25/
Date: Aug. 29, 2023
Created: 2023/08/29 20:23
Updated: 2025/12/09 00:27
Last Read: 2023/08/29 20:24