Public Institutions of the Republic of Korea
The government establishes and designates public institutions according to the Act on the Management of Public Institutions, in order to more efficiently provide the goods and services of the government and public sector as well as address issues such as the difficulty of optimal resource allocation and lack of public goods supply, which can occur in the event of a market failure in the private sector.
The total expenditure budget of public institutions as of 2017 is 638.5 trillion Korean won, which is at least 200 trillion won more than the 400.5 trillion won total expenditure budget of the government in the same year. Moreover, the volume of the government’s support to public institutions has increased from 47.4 trillion won in 2012 to 66 trillion won in 2017, showing an increase in the influence of public institutions on the nation‘s finances and the national economy.
This report was published to provide information on analysis conducted on the business activities of 338 public institutions. It consists of two parts—the Overview in which business information relating to all public institutions is discussed, and the Institutions part in which the business management of individual public institutions is discussed.
The Overview provides information on the status of designation (as of 2018), size of total income and total expenditure, financial structure of the public institution, public institutions that received government contributions, size of workforce and labor costs, and business performance evaluations of all the public institutions of the Republic of Korea. In the Institutions part, analyses of individual public institutions conducted by committees are presented, including the general status, financial structure, size of total income and total expenditure (including government-subsidized budget), status of workforce management as well as major business projects.