Korea’s annual government spending will surpass 1 quadrillion won ($729 billion) for the first time by 2030, driven by aggressive fiscal expansion under the Lee Jae Myung administration, government figures showed Tuesday. According to the 2026-2030 fiscal plan published by the Ministry of Planning and Budget, government expenditure will reach 820.9 trillion won next year before climbing to 957.4 trillion won in 2029 and reaching 1.005 quadrillion won in 2030. The spending expansion is largely fueled by surging tax revenues, driven by strong corporate earnings in the semiconductor sector. National tax revenues are projected to jump 49.8 percent to 584.4 trillion won next year, up 194.2 trillion won from this year. Over a five-year period, revenues are forecast to grow at an average annual pace of 13.4 percent, reaching 644.8 trillion won by 2030. Despite record spending, the government expects to keep its fiscal deficit under control, supported by steady nominal economic growth. The government projects the managed fiscal deficit to remain below 3 percent of nominal gross domestic product