11 December 2019

South Korea approves USD42 billion defence budget for 2020

janes.com

South Korea’s Ministry of National Defense (MND) has announced a defence budget of KRW50.15 trillion (USD42 billion) for 2020.The MND said on 11 December that the expenditure, proposed earlier this year, has now been approved by the National Assembly. The new budget is a 7.4% increase over spending in 2019, and the 2020 defence budget will also amount to about 2.5% of national GDP.The 2020 defence budget includes KRW33.6 trillion for military operations and expenses, which represents a 6.9% [...]