NABO Fiscal Trends &Issues (Vol. 3, Issue. 18, 2021)
Published on 21 December 2021
Published by Social Budget Analysis Division of the Budget Analysis Department
Ⅰ. Key Indicators
The progress rates of total revenue and total expenditure from January to September 2021 are 86.0% and 78.0%, respectively. The consolidated fiscal balance (in the form of a 29.6 trillion won deficit) recorded a deficit decrease of 50.8 trillion won YoY, while as of end-September 2021, central government debt (926.6 trillion won) increased by 107.4 trillion won since the FY2020 settlement of accounts.
Ⅱ. Major Fiscal Trends
The following were selected as the major fiscal trends, highlighting the fiscal-related issues under each subject followed by the tasks ahead as well as implications: ‘Results of the Review by the National Assembly of the Budget Bill for 2022, ‘Results of the National Assembly Review on the Approval of the FY 2020 Settlement of Accounts and Reserve Fund Expenditures,' 'Establishment of the 1st Basic Plans for Hydrogen Economy Implementation,' 'Compensation for Losses of Small Business Owners in 3Q of 2021', 'Announcement of Measures for Financial Soundness of the Employment Insurance Fund', 'Finalization of Long-term Care Insurance Premium Rates for 2022', 'Announcement of Basic Research Projects Implementation Plans for 2022', 'Announcement of Measures to Support National Life-Long Career Development ', 'Announcement of Population-Decreasing Area Designation and Measures to Support Them', 'Announcement of Measures to Reform the Management Evaluation System of Public Institutions', 'Key Contents of the US Infrastructure Investment Act', 'Education at a Glance by the OECD', 'Announcement of the World Economic Outlook by the IMF', and 'Comparison of Construction Investment Trends in Major OECD Countries.
Ⅲ. Major Fiscal Issues
As major fiscal issues, ‘Announcement of the Second Phase of Fiscal Decentralization’ and ‘2050 Carbon Neutral Strategy’ were highlighted, providing an overview mainly regarding fiscal matters.