NABO Fiscal Trends and Issues (2019 Vol. 1)
Published on 20 February 2019
Published by Social Budget Analysis Division of the Budget Analysis Department
I. Key Fiscal Indicators
The progress rates of total revenue and total expenditure up to November 2018 are 96.6% and 91.4%, respectively. In addition, the consolidated central government balance (in the form of a 37.4 trillion Korean won surplus) increased by 8.2 trillion won YoY up to November 2018, and central government debt (667.3 trillion won) increased by 39.9 trillion won since the 2017 settlement of accounts, due to reasons such as increased reserves of treasury bonds and housing bonds.
As of December 2018, Korea’s national assets amount to 1,082.6 trillion won, an increase of 6.8 trillion won YoY, while 80.9% (56.4 trillion won) of the budget for national subsidies has been disbursed up to December 2018.
Ⅱ. Major Fiscal Issues
Major fiscal issues of 4Q18 and early 2019 that emerged include: the main components of the confirmed budget in 2019 and an analysis of the National Assembly deliberation results of the past 5 years; disclosure of the outcomes of the closing of 2018 tax revenues and expenditures; discussion on the proposed comprehensive management plan for the National Pension Service; stocktaking of the financial asset management of public pension services; the release of the Reinvigoration of the Manufacturing Industry and Innovation Strategies; direction of pursuing Measures to Stabilize the People’s Lifestyle over the New Year as well as the fiscal analysis results for local governments in FY2017.
Ⅲ. Overseas Fiscal Trends
In addition to an international comparison of government-subsidized employment program budgets, this report features an analysis of China’s clean air policies such as associated measures against fine dust as well as fiscal trends related to air pollution, and other foreign fiscal trends including the US federal government shutdown.