NABO Fiscal Trends and Issues (Spring Edition)
I. Key Fiscal Indicators
The progress rates of total revenue and total expenditure up to February 2018 are 17.3% and 17.8%, respectively. Also, the consolidated central government balance (in the form of a 0.9 trillion Korean won surplus) decreased by 3.1 trillion won YoY up to February 2018, and central government debt (644.5 trillion won) increased by 17.2 trillion won since the end of 2017, due to reasons such as increased treasury bond issues.
Ⅱ. Major Fiscal Issues
Major fiscal issues of the first quarter of 2018 include the submission of the first supplementary budget plan of 2018 to the National Assembly, the recent global surplus trend and appropriation status, trends and forecasts related to fiscal balance and national debt, the release of Measures on Jobs for Youths as well as the designation and support measures for employment crisis areas such as Gunsan and Tongyeong. Also, additional measures against springtime dust particles and the development of an ecosystem for innovative start-ups through the creation and management of an Innovation Adventure Fund are some of the major fiscal policies that have emerged this quarter. Furthermore, an overview is provided on the increasing trend and fiscal status of the medical insurance consultation fee, the size of local government finances and local education finances, as well as the direction of allocation policies for government-funded institutions in 2018.
Ⅲ. Fiscal Status of Individual Committees of the National Assembly in 2018
In the Fiscal Status of Individual Committees of the National Assembly in 2018, a brief overview is provided on the 2018 fiscal status of each standing committee.
Specifically, an overview is provided on national reimbursements (Legislation and Judiciary Committee), the operation of the Citizen Participatory Budgeting System (Strategy and Finance Committee), support for the Nuri Curriculum (Education, Culture, Sports and Tourism Committee), the Rice Income Compensation Payment Program (Education, Culture, Sports and Tourism Committee), the implementation of the Job Security Fund (Environment and Labor Committee), and the solidification of housing welfare policies via the implementation of the Housing Welfare Roadmap (Land, Infrastructure and Transport Committee).
Ⅳ. Overseas Fiscal Trends
This part provides an overview of the government debt forecast of OECD member economies, details of the US budget agreement for fiscal years 2018 to 2019, China’s fiscal management direction in 2018 as well as Japan’s New Economic Policy Package for talent development and productivity enhancement.