SEOUL (Reuters) – South Korea’s finance ministry said on Tuesday there was a strong downward risk to the government’s budget revenue projection this year mainly from a slowing economy, both at home and abroad.
“There is a strong downward risk from factors including a slowdown in corporate earnings and asset transactions, while there is also a high uncertainty ahead on the economic and asset price outlook,” the ministry said in a statement.
There was no indication of any imminent plan to revise this year’s budget from the statement, which was issued mainly to emphasise the sound management of the budget.
South Korea’s budget covering the year ending on Dec. 31 has set tax and non-tax revenue rising by 0.1% to 425.4 trillion won ($328.4 billion), while income from public funds is set to grow 8.8% to 200.3 trillion won. ($1 = 1,295.3700 won)
(Reporting by Choonsik Yoo; Editing by Sonali Paul)
