FY2022 Settlement Analysis Series

Published on July 27, 2023
Published by Budget Analysis Coordination Division

    According to the FY2022 National Settlement of Accounts Report submitted by the government to the National Assembly on May 31, total revenues amounted to KRW 617.8 trillion, and total expenditures reached KRW 682.4 trillion. Consequently, the operational fiscal balance deteriorated by KRW 26.4 trillion YoY, resulting in a deficit of KRW 117.0 trillion. As of the end of 2022, the national debt increased by KRW 97.0 trillion YoY, reaching KRW 1,067.7 trillion, and the national debt-to-GDP ratio stood at 49.4%.
   In 2022, the government steered the national budget with the objectives of achieving a full recovery from the COVID-19 crisis, promoting new economic advancement, and restoring fiscal soundness. In this regard, it is essential to review and analyze the performance and achievements of its fiscal management and provide feedback for the following year's budgetary process. To ensure efficiency in the deliberation of the settlement of accounts by the National Assembly, the National Assembly Budget Office has published its FY2022 Settlement Analysis Series.
   This series consists of six sections, newly incorporating “Major Program Analysis” alongside the existing “General Analysis,” “Committee-Specific Analysis,” “Public Institution Settlement Analysis,” “Analysis of Government Measures on the Correction Requests Made by the National Assembly on the FY2021 Settlement of Accounts,” and “Gender-Responsive Balance Sheet Analysis.”
   The “General Analysis” section delves into comprehensive fiscal topics such as fiscal soundness and the programs scaled up with supplementary budgets. It conducts an in-depth examination of pivotal fiscal policies, including programs responding to COVID-19, strategic R&D initiatives for future-oriented industries, programs for a carbon-neutral economy, and job creation supported by fiscal measures. The “Committee-Specific Analysis” section concentrates on identifying and proposing improvements at the individual program level within each ministry. The “Public Institution Settlement Analysis” section evaluates the innovation plans and financial soundness of public institutions. To bolster the efficacy of the National Assembly's evaluation of settlements, the “Analysis of Government Measures on the Correction Requests Made by the National Assembly on the FY2021 Settlement of Accounts” section was prepared. The “Gender-Responsive Balance Sheet Analysis” section assesses the overall operation of gender-responsive systems and gender-specific programs within each ministry. For an in-depth examination of critical issues, the “Major Program Analysis for the FY2022 Settlement Analysis” section explores key policies and programs, including initiatives addressing the low birth rates and other population crises, as well as employment support systems for citizens.