On Wednesday, a presidential official told Yonhap that Moon is expected to explain to the National Assembly the government's intentions regarding the expansionary budget within the broader framework of boosting the economy.

Moon is also expected to call for parliamentary cooperation in carrying out his "income-led growth" drive, realizing a "fair economy" and creating jobs.

Calls for bipartisan support for the peace process with North Korea could also be in the address. But it remains to be seen whether Moon will use the speech to call for parliamentary ratification of April's landmark summit agreement with North Korean leader Kim Jong-un, known as the "Panmunjom Declaration."

The ruling and opposition parties have clashed over the ratification issue. The row deepened last week when the government unilaterally ratified last month's summit agreement with the North, known as the "Pyongyang Joint Declaration," without seeking parliamentary consent. (Yonhap)