South Korea's budget is likely to surpass 400 trillion won for the first time next year.
 
As the government and the ruling Saenuri party recently agreed to increase the 2017 budget by three to four percent, the budget is expected to reach 398 trillion won to 402 trillion won next year.
 
The government had planned to set the 2017 budget at 396-point-six trillion won, but it’s likely to exceed 400 trillion won as the overall spending plans for this year have increased to 395-point-three trillion won due to extra budget plans.
 
If the budget is set at over 400 trillion-won next year, it would mark a two-fold increase from 2005. The country’s budget surpassed the 300 trillion won mark in 2009 and is about to top 400 trillion won in eight years.