Public Finance of The Republic of Korea 2024

Published on May 30, 2024
Published by Budget Analysis Coordination Division, Budget Analysis Department

   This report, for the purpose of effectively supporting the National Assembly's review of budget and settlement, is structured into three parts and 26 chapters, meticulously analyzing Korea's fiscal structure, major fiscal systems, key contents of the 2024 budget and funds, important fiscal projects, and major statistics of relevant ministries by standing committee.
   Part 1 provides an overview of Korea's fiscal structure and major fiscal systems, analyzing overall finances encompassing fiscal income, fiscal expenditure, fiscal balance, and national debt. It elucidates the entire fiscal processes from budget preparation to National Assembly deliberation, execution, and settlement of accounts. Additionally, it summarizes the current status of national property, related systems, along with the designation, and fiscal status of public institutions. Notably, recent fiscal issues such as changes in the budget for national research and development projects, disaster response budgets by ministries, and the government's levy reform plan are highlighted with detailed descriptions of tax expenditures and mandatory expenditures included.
   Part 2 delves into the main contents of the 2024 budget and funds, offering insights into the National Assembly's deliberations on the budget proposals and related details. Part 3 comprehensively analyzes and organizes the fiscal status of relevant ministries and major fiscal projects for each of the 16 standing committees. It includes various fiscal statistics showcasing core fiscal projects representing each ministry, the main functions of each ministry, and their impact on people's lives.