Korea, with its smooth transition through the global financial crisis and economic growth of 6.2% in 2010, recorded managed budget balance of 13 trillion won deficit, which is an improvement of 30.2 trillion won from the 43.2 trillion won deficit in 2009. However, factors from around the globe such as the European financial crisis and the delayed economic recovery of the United States are withholding Korea's economic growth. Domestically, struggling domestic demand, diminished investment, household debt and unemployment of the young generation are persistently problematic. And the role of fiscal plan in finding a virtuous cycle and imbuing it with vitality is in great need.
As predicted before, circumstances that undermine the fiscal sustainability such as decrease in potential growth rate and reduction in tax base due to the change in population structure and a sharp increase in welfare expenditure are soon to be reality.
The government has submitted 2012 budget proposal, 2011 Tax Revision Bill, 2011-2015 National Fiscal Management Plan to the National Assembly with “Balanced Budget” as its goal. NABO, in order to aid the National Assembly in its review of the submitted plans and proposals by the government, published the 2011-2015 Economic Outlook and Fiscal Analysis series.
As predicted before, circumstances that undermine the fiscal sustainability such as decrease in potential growth rate and reduction in tax base due to the change in population structure and a sharp increase in welfare expenditure are soon to be reality.
The government has submitted 2012 budget proposal, 2011 Tax Revision Bill, 2011-2015 National Fiscal Management Plan to the National Assembly with “Balanced Budget” as its goal. NABO, in order to aid the National Assembly in its review of the submitted plans and proposals by the government, published the 2011-2015 Economic Outlook and Fiscal Analysis series.
2011-2015 Economic Outlook and Fiscal Analysis series
1. 2011-2015 Economic Outlook
2. 2011-2015 Total Revenue Outlook and Fiscal Analysis
3. Analysis on Tax Revision Bill for 2011
4. Analysis on 2011-2015 National Fiscal Management Plan
5. Analysis on 2012 Tax Expenditure Budget
6. Budgetany Issues on 2012 Revenue Budget Proposal
7. Comprehensive review
This series consists of six books on different topics and one that succinctly provides the overview of those topics, which are designed to assist Strategy and Finance Committee and other committees, such as Special Committee on Budget and Accounts in their work.
This year, in addition to Outlook on total revenue, Tax Revision Bill, and Tax Expenditure Budget of the 2012, 「Budgetary issues on 2012 Revenue Budget proposal」 has been published for a comprehensive review of major issues in tax revenue budget plan.
1. 2011-2015 Economic Outlook
2. 2011-2015 Total Revenue Outlook and Fiscal Analysis
3. Analysis on Tax Revision Bill for 2011
4. Analysis on 2011-2015 National Fiscal Management Plan
5. Analysis on 2012 Tax Expenditure Budget
6. Budgetany Issues on 2012 Revenue Budget Proposal
7. Comprehensive review
This series consists of six books on different topics and one that succinctly provides the overview of those topics, which are designed to assist Strategy and Finance Committee and other committees, such as Special Committee on Budget and Accounts in their work.
This year, in addition to Outlook on total revenue, Tax Revision Bill, and Tax Expenditure Budget of the 2012, 「Budgetary issues on 2012 Revenue Budget proposal」 has been published for a comprehensive review of major issues in tax revenue budget plan.