South Korea's budget may reach around 510 trillion won next year, up about nine percent from this year's budget, as the country seeks to stimulate the economy with massive fiscal spending.

According to related authorities on Sunday, the government wants to increase the state budget by seven-point-three percent to nine-point-five percent next year.

As the country's budget is set at some 470 trillion won this year, an eight-percent rise will increase the state coffers to 507 trillion won, a nine-percent hike will see a rise of 511-point-eight trillion won and a nine-and-a-half percent increase will bring state coffers to 514 trillion won next year.

The ruling Democratic Party said earlier that the government should increase the budget for next year by at least nine-point-five percent to ride out the economic difficulties facing the nation.

The finance ministry plans to finalize the government's budget proposal and submit it the National Assembly by early next month for approval.