President Lee Jae Myung presides over a meeting at the foreign ministry in Seoul on Thursday. Yonhap

President Lee Jae Myung was set to preside over a meeting on Friday to unveil next year's budget for young people and present the government's major projects specifically designed to assist them.

The "2027 youth budget unboxing" event, scheduled for later in the day, marks the first time the government will publicly present major budget allocations and projects ahead of the formal unveiling of the annual budget, the presidential office said. In South Korea, government youth policies generally cover people aged 19 to 34 under the Framework Act on Youth.

During the meeting, budget allocations and major projects aimed at benefiting young people will be presented, while opinions from young people will also be heard, Cheong Wa Dae said.

The event comes as the Lee administration expands policies for young people at a time when the president is seeing lower approval ratings among young voters than in any other age group.

At a youth policy meeting earlier this month, Lee stressed that Korea has entered a phase of low economic growth that requires more maintenance and management than expansion, resulting in fewer job opportunities, especially for young people. Youth unemployment in Korea has long run well above the country's overall jobless rate, and the demographic outlook adds to the challenge: South Korea's total fertility rate, the world's lowest, stood at 0.75 in 2024, a level that has fueled public debate over job prospects and the burdens facing younger generations.

The pre-release format also offers an early look at the administration's fiscal priorities, with the full 2027 budget bill set to go to the National Assembly for deliberation before the fiscal year begins on Jan. 1, 2027.