South Korea's 2024 Defense Budget Set at 59 Trillion Won with Increased Focus on Self-Reliant Capabilities
DEFENSE
South Korea has set its defense budget for 2024 at approximately 59 trillion won, marking a 25-34% increase aimed at enhancing self-reliant military capabilities. This funding will facilitate the transfer of wartime operational control and reduce reliance on U.S. military assets, while covering extensive upgrades to command, control, intelligence, and reconnaissance systems, as well as missile defense and cyber capabilities. The government faces decisions on funding sources, with potential cumulative costs reaching 150 to 200 trillion won over the next decade.

Jan 26, 2026, 8:19 AM