The government is expected to increase next year's budget at a faster pace to spur the economy with active fiscal spending. 

The Finance Ministry recently decided to raise the growth target of five-year fiscal spending from the current five-point-eight percent to around eight percent.

The 2018 budget was 429 trillion won, marking the highest growth rate in nine years.

If the fiscal spending in 2019 is increased by seven-point-eight percent on-year, the budget will surpass 460 trillion won. 

Last year, the Moon Jae-in government set the annual increase rate of fiscal expenditures for the 2017-2021 period at five-point-eight percent, up two-point-three percentage points from the rate set during the Park Geun-hye government. 

The ministry plans to submit the new fiscal spending plan for 2018-2022 to the National Assembly by September.