NABO Fiscal Trends &Issues (Vol. 3, Issue. 21, 2022)

Published on December 23, 2022
Published by Social Budget Analysis Division

Ⅰ. Major Fiscal Indicators
  The progress rates of total revenues and expenditures until September 2022 are 79.3% and 78.9%, respectively. As of the end of September 2022, the consolidated fiscal balance (in the form of a 52.7 trillion won deficit) recorded a deficit increase of 23.1 trillion won YoY, while as of the end of September in 2022, central government debt (1,029.1 trillion won) increased by 90 trillion won since the FY2021 settlement of accounts.

Ⅱ. Major Fiscal Trends & Issues
  Major fiscal trends & issues include 'Results of the National Assembly’s review of the Fiscal year 2021 settlement of accounts and Reserve Fund Expenditures', 'Announcement of plans to create a dynamic venture investment ecosystem', 'Announcement of a plan to supply 500,000 public housing units to promote housing stability for youth population and ordinary citizens', 'Announcement of the 4th mobility convenience promotion plan for the transportation vulnerable (2022-2026)', 'Latest trends in defense industry exports', 'Announcement of a plan to revise official housing prices to reflect actual market prices', ' Announcement of high-tech future industry startup fostering strategies', 'Announcement of carbon-neutral green growth promotion strategies and technology innovation strategies', 'Announcement of renewable energy policy improvement plans to be aligned with changes in the energy environment', 'Announcement of youth policy promotion plans', 'Announcement of public institution innovation guidelines and innovation plans', and suggested future tasks and implications accordingly.

Ⅲ. Overseas Fiscal Trends
 As for overseas financial trends, 'Issuance of the financial stability report by the US Federal Reserve’, ‘Announcement of economic outlook by the Organization for Economic Cooperation and Development (OECD)’, 'Finalization of the 2nd supplementary budget for 2022 by Japan', have been selected to present major contents focusing on fiscal issues.