NABO Fiscal Trends &Issues (Vol. 1, Issue. 19, 2022)

Published on 22 April 2022
Published by Social Budget Analysis Division of the Budget Analysis Department

Ⅰ. Major Fiscal Indicators
  The progress rates of total revenue and total expenditures from January to February 2022 are 19.2% and 19.4%, respectively. As of the end of February 2022, the consolidated fiscal balance (in the form of a 15.1 trillion won deficit) recorded a deficit increase of 2.4 trillion won YoY, while as of the end of 2021, central government debt (939.1 trillion won) increased by 119.9 trillion won since the FY2020 settlement of accounts.

Ⅱ. Major Fiscal Trends
  Major fiscal trends and issues include ‘the National Assembly’s resolution to amend the first supplementary budget for 2022’, ‘Deliberation and resolution of the national settlement of accounts for FY2021 by the State Council', 'Trends in fiscal management and investment in reserve funds of the eight major social insurance schemes', 'Support for vulnerable groups to COVID-19 such as workers in special employment types, freelancers, corporate-owned taxi drivers', 'Announcement of the 2022 space development promotion implementation plan', 'Announcement of metaverse new industry leading strategy', 'Announcement of countermeasures for SMEs in relation to the Ukraine conflict', 'Confirmation of master plan for the university innovation support project for 2022-2024', 'Confirmation of implementation plan to strengthen competitiveness in materials, parts, and equipment fields', 'Combined announcement of start-up support projects for 2022', 'Enforcement of the Act on the Punishment of Serious Industrial and Social Disasters and ensuing announcement of comprehensive plan for occupational safety supervision for 2022', 'Current status of green finance procurement and investment by public organizations', 'Announcement of distribution standards for local extinction response funds', 'Establishment of the second expressway construction plan' and 'Establishment of the 2nd comprehensive plan to support a return to farming/fishing and to rural areas', and suggested future tasks and implications accordingly.

Ⅲ. Overseas Fiscal Trends
  As for overseas fiscal trends, 'Global economic prospects released by the World Bank' and 'Announcement of the adoption of ｢Taxonomy Complementary Climate Delegated Act｣ by the European Commission' have been selected to present major contents focusing on fiscal issues.