Next year’s budget will focus on strengthening defense, public security and job creation for young people in a bill expected to reach around 670 trillion won.

In a Cabinet meeting on Tuesday, the government finalized the 2024 budget plan guideline, which is likely to increase by under five percent over this year’s budget of 638-point-seven trillion won in line with a midterm state expenditure plan for 2022 to 2026 announced last year.

The government will inject funds toward asymmetric strategic responses to North Korea's nuclear and missile threats as well as the modernization and advancement of the nation's three-pronged defense system and other weaponry.

In public security, the government will increase vehicles and equipment used to investigate and prevent drug-related crimes, while reinforcing law enforcement's responses against rent fraud, voice phishing, stalking and digital sex crimes.

The government also plans to enhance economic vitality in the private sector to create high-quality jobs for youths with measures that support expanded exports for small- to medium-sized enterprises.