The National Assembly Budget Office (Chief Dongha Chi) held its annual consultation with the ASEAN+3 Macroeconomic Research Office (AMRO) on Thursday, November 21. AMRO is an international organization headquartered in Singapore, comprising ten ASEAN nations (Laos, Malaysia, Myanmar, Vietnam, Brunei, Singapore, Indonesia, Cambodia, Thailand, the Philippines), along with Korea, China, and Japan. The organization focuses on macroeconomic monitoring and crisis prevention in the region and conducts annual consultations with member countries to review their fiscal and economic trends.

Kyungyeop Baek, Director of Tax Analysis Division 2 of the NABO, and Sumio Ishikawa, Mission Chief, led the meeting. The consultation covered several key topics. including Korea`s revenue deficit and response measures, major tax law amendments for 2024, revenue projections for 2025, national and public corporation debt issues, and the government`s pension reform plan. The AMRO mission team emphasized the importance of establishing preliminary guidelines for addressing revenue deficits, while NABO acknowledged that certain procedures, including consultation with the National Assembly, should be part of the government`s response to such deficits.

AMRO Mission Chief Sumio Ishikawa expressed gratitude for the valuable insights provided by NABO`s experts on Korea`s economic issues and voiced his commitment to strengthening future collaboration and exchanges between the two institutions.