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| ▲ Seoul City Hall (Yonhap) |
Seoul-2024 budget
Seoul's budget to decrease for 1st time in 13 years in 2024
SEOUL, Nov. 1 (Yonhap) -- The Seoul city government disclosed its annual budget of 45.72 trillion won (US$33.75 billion) for next year Wednesday, which marks a reduction of 3.1 percent, or 1.47 trillion won, from this year's budget of 47.19 trillion won.
It is the first time since 2011, soon after the global financial crisis, that Seoul's budget has decreased compared with the previous year.
The 2024 budget plan submitted to the Seoul Metropolitan Council for approval is primarily focused on easing social polarization through increased support for the underprivileged, enhancing public safety and upgrading the city's attractiveness, the government said.
Specifically, it will spend 13.5 trillion won, up 2.3 percent on-year, on establishing a welfare system without blind spots and building a tight social safety net. The social welfare budget will also increase 2.5 percent to 402.5 billion won.
Slightly over 1 trillion won will be earmarked for preparing for the future of Seoul and increasing its attractiveness through innovating urban spaces, fostering creative industries and upgrading tourism infrastructure, the government said.
"The largest budget will be allocated to projects that will reinforce social mobility and improve social safety and integration," Seoul Mayor Oh Se-hoon said.
City government officials said the main reason for the budget decrease is a fall in tax revenue, noting tax revenue is estimated to decrease 646.5 billion won to 24.2 trillion won, due to slowing corporate performance and falling housing prices.
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