2024 Budget Proposal Analysis Series

Published on October 31, 2023
Published by Budget Analysis Coordination Division

   On September 1, the government presented its 2024 budget proposal to the National Assembly, outlining KRW 612.1 trillion in total revenues and KRW 656.9 trillion in total expenditures. Regarding the proposal, the government underscored the need to uphold the sound fiscal policy from 2023 to prevent any adverse effects on the fiscal balance and debt. The main focus of the budget is to support key areas through fiscal program normalization, which involves a fresh look at and restructuring of various programs, particularly R&D and subsidy initiatives. The four core areas earmarked for support include bolstering welfare for vulnerable populations, investing in future preparedness, creating quality jobs, and sustaining the essential functions of the nation.
   The National Assembly Budget Office has published its 2024 Budget Proposal Analysis Series to assist the National Assembly in conducting an in-depth review of the 2024 budget proposal. The series comprises a total of 27 volumes, incorporating two volumes of “Aggregate Fiscal Analysis” and six volumes of “Mid-to-Long-Term Fiscal Issue Analysis: Population Crisis Response Strategy” into the existing five sections, which include two volumes of “General Analysis,” 12 volumes of “Committee-Specific Analysis,” one volume of “Gender-Responsive Budget Analysis,” one volume of “GHG Reduction-Responsive Budget Analysis,” and three volumes of “Major Program Evaluations in the Budget Proposal.”
   The “General Analysis” volumes provide an overview of the 2024 budget proposal, addressing broad fiscal themes such as payroll costs, budget planning and execution strategies in response to insufficient tax revenues, and corrective measures required by standing committees during settlement and their reflection in the budget proposal. These volumes also evaluate essential policy issues such as R&D budget proposals, disaster and safety programs, and the establishment and improvement of social safety nets.
   The “Committee-Specific Analysis” volumes examine the effectiveness and necessity of major programs under the authority of each standing committee, proposing improvement measures. The “Gender-Responsive Budget Analysis” and “GHG Reduction-Responsive Budget Analysis” volumes conduct general and program-specific analysis for their respective areas. The “Major Program Evaluations in the Budget Proposal” volumes thoroughly examine major programs, including national subsidies, disaster policy insurance, and stable agricultural workforce sourcing programs.
   The newly introduced “Aggregate Fiscal Analysis” volumes deliver macroeconomic and aggregate fiscal analysis such as economic and fiscal outlooks, links between tax and fiscal expenditures, and evaluations on fiscal soundness. Furthermore, these volumes offer insights and opinions on fund allocation across 12 major sectors, spanning health, welfare, employment, and education.