The government plans to reduce the fiscal deficit to within three percent of the nation’s gross domestic product(GDP) from next year. 
 
According to the finance ministry on Monday, the government is fine-tuning next year’s government budget plan with such aim regarding the deficit of the consolidated fiscal balance, excluding social security funds. 
 
The government also plans to introduce a tighter standard under which it will seek to keep the fiscal deficit within two percent of the GDP if national debt exceeds more than 60 percent of the GDP. 
 
The last time the government reduced the fiscal deficit to within three percent of the nation’s GDP was in 2019. 
 
The government expects the tightening measure will lead to growth in gross expenditure to the mid-five percent range next year, or the average level posted during the Lee Myung-bak and Park Geun-hye governments. 
 
Financial authorities plan to finalize next year’s government budget plan after consulting with the ruling camp and briefing the president within this week.