Korea has successfully recovered from the last global crisis through its decisive and timely fiscal policies. The risk to budget soundness is nonetheless increasing again as the global economy faces risks such as the deteriorating budget balance of the southern European countries. By various fiscal indicators, Korea’s fiscal soundness is considered adequate compared to other developed countries such as the members of the OECD. Nevertheless, it is necessary to restore fiscal soundness as soon as possible, considering the risk factors to public finance in the near future, including the sensitivity of the Korean economy to the changes in the global economic environment, the continued increase of welfare spending because of low birth rate and aging population, and the large amount of expected expenditure necessary for the possible reunification in the Korean peninsula.
The present evaluation of the budget proposal, which determines the fiscal management plan from 2011 to 2014, marks an important step toward the new period of growth. For this reason, the ‘2011 Budget Proposal,’ ‘2010 Tax Reform Proposals’ and ‘2010–2014 National Fiscal Management Plan’ submitted by the administration in the beginning of last October emphasize the restoration budget soundness in the medium term, provision of foundation for future growth, creation of new jobs, and support for the working class.
To support the National Assembly’s evaluation of the filings by the administration, the National Assembly Budget Office (NABO) decided to publish the individual reports like the ‘Economic Outlook,’ ‘Tax Revenue Estimation’ and ‘Analysis of National Fiscal Management Plan’ as a collection. Among the individual reports, the following collections are available in the English edition:
1. 2010–2014 Economic and Fiscal Outlook
2. Analysis of 2011 Budget Proposal
3. Analysis of 2010–2014 National Fiscal Management Plan
The present collection contains the area-specific analyses that can be utilized by the members of the National Assembly and their assistants as well as by the standing committees and Special Committee on Budget and Accounts. The collection provides the legislative branch’s independent outlook between 2011 and 2014 on the macro economy, total revenue, total expenditure (broken into mandatory and discretionary expenditures), fiscal balance, and national debt. The English edition of the collection further contains the analytic reports on the ‘2011 Budget Proposal’ and ‘National Fiscal Management Plan.’ The Korean language version of the collection also contains the reports on the ‘Tax Reform Proposals,’ ‘National Debt Management Plan,’ ‘Government Guaranteed Debt Management Plan,’ ‘Medium and Long-Term Fund Financial Management Plan’ and ‘Tax Expenditure Outlook.’
The present evaluation of the budget proposal, which determines the fiscal management plan from 2011 to 2014, marks an important step toward the new period of growth. For this reason, the ‘2011 Budget Proposal,’ ‘2010 Tax Reform Proposals’ and ‘2010–2014 National Fiscal Management Plan’ submitted by the administration in the beginning of last October emphasize the restoration budget soundness in the medium term, provision of foundation for future growth, creation of new jobs, and support for the working class.
To support the National Assembly’s evaluation of the filings by the administration, the National Assembly Budget Office (NABO) decided to publish the individual reports like the ‘Economic Outlook,’ ‘Tax Revenue Estimation’ and ‘Analysis of National Fiscal Management Plan’ as a collection. Among the individual reports, the following collections are available in the English edition:
1. 2010–2014 Economic and Fiscal Outlook
2. Analysis of 2011 Budget Proposal
3. Analysis of 2010–2014 National Fiscal Management Plan
The present collection contains the area-specific analyses that can be utilized by the members of the National Assembly and their assistants as well as by the standing committees and Special Committee on Budget and Accounts. The collection provides the legislative branch’s independent outlook between 2011 and 2014 on the macro economy, total revenue, total expenditure (broken into mandatory and discretionary expenditures), fiscal balance, and national debt. The English edition of the collection further contains the analytic reports on the ‘2011 Budget Proposal’ and ‘National Fiscal Management Plan.’ The Korean language version of the collection also contains the reports on the ‘Tax Reform Proposals,’ ‘National Debt Management Plan,’ ‘Government Guaranteed Debt Management Plan,’ ‘Medium and Long-Term Fund Financial Management Plan’ and ‘Tax Expenditure Outlook.’