The National Assembly Budget Office (Chief, Euysup Cho) convened a meeting of the Budget Policy Advisory Committee on Tuesday, July 11th. The meeting is attended by 12 committee members, including Professor Yeonseob Ha, who chairs the committee.
During the session, the committee engaged in a comprehensive discussion about the future of the Korean economy and the direction of fiscal and economic policies considering the challenging circumstances both domestically and internationally. They deliberated on essential policy objectives for Korea, encompassing the need to ensure a robust fiscal space and soundness, the changes of tax policies in response to socioeconomic structural shifts, and the development of new growth strategies for the Korean economy.
In greater detail, the members presented a range of fiscal and economic policy suggestions. These included potential reforms to the consumption tax aimed at addressing revenue shortfalls, enhancements to retirement pension systems to alleviate pressures on the social insurance sector in light of rapid aging population, and the potential implementation of forward guidance for fiscal policies to mitigate the protraction of inflation. Furthermore, the committee recommended that NABO, as it celebrates its 20th anniversary, should continue to shed light on critical issues and approach solutions from a neutral standpoint.
Chief Cho expressed his gratitude to the committee members for their keen interest in and valuable advice for NABO. He further stated that drawing upon NABO's two decades of experience, it is poised to become the premier fiscal institution dedicated to serving the National Assembly and the Korean people.