NABO Fiscal Trends &Issues (Vol. 2, Issue. 20, 2022)

Published on August 29, 2022
Published by Social Budget Analysis Division

Ⅰ. Major Fiscal Indicators
  The progress rates of total revenues and expenditures until June 2022 are 54.9% and 60.2%, respectively. As of the end of June 2022, the consolidated fiscal balance (in the form of a 70.5 trillion won deficit) recorded a deficit increase of 27.8 trillion won YoY, while by the end of June, 2022, central government debt (1,007.5 trillion won) increased by 68.4 trillion won since the FY2021 settlement of accounts.

Ⅱ. Major Fiscal Trends & Issues
  Major fiscal trends and issues include ‘Submission of the national settlement of accounts for FY2021 to the National Assembly’, ‘Results of the National Assembly’s review of the second supplementary budget for 2022’, ‘Implementation of financial support for self-employed and small business owners’, ‘Announcement of budget allocation and adjustment (draft) for major government R&D projects in 2023’, ‘Announcement of the publication industry promotion plans (2022~2026)’, ‘Announcement of the successful first flight of Korea’s domestically-developed fighter aircraft (KF-21 Boramae fighter jet)’, ‘An overview of the integrated fiscal status of local governments of 2022’, ‘Announcement of the plan to streamline the operation of the apartment sales price system’, ‘Conduct evaluation of SME support projects in 2022’, ‘Announcement of the new government's energy policy directions’, ‘Establishment of the basic plan for the first national employment support system’, ‘Analysis of the financial settlement of public institutions in FY 2021’, ‘Finalization of the ｢New government's guidelines for innovating public institutions｣’, and suggested future tasks and implications accordingly.

Ⅲ. Overseas Fiscal Trends
 As for overseas fiscal trends, ‘Announcement of economic outlook by the Organization for Economic Cooperation and Development (OECD)’, ‘Announcementof a revised global economic forecast by the International Monetary Fund (IMF),’ and ‘Publication of the Global Financial Stability Report by the IMF’, have been selected to present major contents focusing on fiscal issues.