President Lee to Deliver Budget Address on Nov. 2, Urges Bipartisan Support for “821 Trillion Won Budget”

Outline the Direction of the Record-High Budget Proposal
Expected to Highlight the 160 Trillion Won Future Response Fund
Budget Review Draws Attention Amid Ruling-Opposition Debate Over Fiscal Management

President Lee Jaemyung will deliver a budget address on November 2 on next year's government budget proposal. He is expected to explain in person the purpose and key policy directions of the record-high 820.9 trillion won budget for next year and urge the National Assembly to pass it smoothly. In particular, he is expected to stress the need to expand growth engines and restore livelihoods through active fiscal spending.

President Lee Jaemyung delivers a policy address on the supplementary budget bill to respond to the Middle East situation at the fourth plenary session of the 433rd National Assembly (extraordinary session) in Yeouido, Seoul, on April 2, 2026. Photo by Kim Hyunmin.

Kang Yoo-jung, chief spokesperson for the Presidential Office, announced on November 1 that President Lee would deliver the “2027 Budget Address” on November 2. The budget proposal for next year, which the government submitted to the National Assembly last September, totals 820.9 trillion won in total expenditures, up 93 trillion won, or 12.8%, from this year's main budget of 727.9 trillion won. It is the first budget whose entire drafting process was led by the Lee Jae-myung administration. Its focus is on raising potential growth by expanding fiscal investment while ensuring that the benefits of growth reach all aspects of people's lives.

Key investment areas include securing future growth engines, including artificial intelligence (AI); supporting young people; reducing polarization; and strengthening the social safety net. A central initiative is the proposed establishment of the 160 trillion won “Future Response Fund,” which is intended to channel increased tax revenue from the semiconductor boom into future investment. The government plans to use the fund to expand investment in young people, regional areas, education and talent, and new growth engines.

When the budget proposal was approved last September, President Lee said, “Next year's budget must serve as a strong stepping stone for the Republic of Korea to rise as a leading nation with an overwhelming edge,” adding, “It must also be a catalyst for bringing visible change to every aspect of people's lives.”

In this address, he may also highlight that restoring livelihoods and resolving polarization remain pressing challenges despite improvements in macroeconomic indicators such as exports and economic growth. Attention will focus on whether he calls for a stronger fiscal role to ensure that people can feel the benefits of economic growth.

However, debate between the ruling and opposition parties over the direction of fiscal management is expected during the National Assembly's review. The ruling party says active fiscal investment is needed to secure future growth engines and stabilize people's livelihoods, while the opposition has raised concerns about the large increase in spending and the operating methods of the Future Response Fund.

President Lee is also expected to call for bipartisan cooperation in the address. The statutory deadline for passing next year's budget is December 2. This will be his fourth budget address since taking office. He previously delivered addresses on the supplementary budget in June 2025, the 2026 budget in November 2025, and the supplementary budget to respond to the situation in the Middle East in April 2026.

This content was produced with the assistance of AI translation services.