Press Conference on The National Assembly Budget Office held its inaugural press conference on the "2025 NABO Economic Outlook" report on Monday, March 31, at the National Assembly Press Room.Led by NABO Chief Dongha Chi, the event featured aneconomic outlook briefing by Assistant Chief for Economic Analysis Ick Jin. The presentation delivered key forecasts for South Korea's 2025 economic indicators across expenditure, production, income, and growth sectors.In his opening remarks, Chief Chi emphasized NABO's evolving communication strategy: "While our public relations efforts have traditionally centered on press releases and academic forums, we are now expanding direct media engagement through detailed report briefings. Today marks an important step toward strengthening our dialogue with the press.“Assistant Chief Jin then presented NABO's revised economic projections, citing multiple challenges facing the Korean economy: "We have adjusted our 2025 forecasts downward, with economic growth now projected at 1.5% and potential growth at 1.9%*, reflecting impacts from slowing government spending, political uncertainties, weakened consumer demand, U.S. trade policies, and demographic decline. These conditions necessitate bipartisan cooperation on any supplementary budget to maximize economic impact. Furthermore, the government must develop a comprehensive next-generation growth strategy that effectively engages both households and businesses.“Economic forecast revisions (Oct. 2024 → Mar. 2025):· Economic growth rate: 2.2% → 1.5% (-0.7%p) / Potential growth rate: 2.1% → 1.9% (-0.2%p) 2025-03-31

Meeting with Mongolian Parliament's Tax Reform Task Force The National Assembly Budget Office met with the Mongolian Parliament's Tax Reform Task Force on February 26.Eleven Mongolian delegates, led by MP Khassuuri GANKHUYAG, met with NABO officials including Assistant Chief for Estimates and Tax Analysis Ji-won Sang, Director of Tax Analysis Kyung-yeop Baek, and Director of Planning and Budget Joo-yeon Park.Both parties discussed Korea's tax system, covering value-added, income, and corporate taxes.MP GANKHUYAG expressed that comparing Korean and Mongolian tax systems provided valuable insights for Mongolia's planned reforms, and requested continued cooperation between the two countries. 2025-02-26

NABO Hold the 4th Meeting of the 10th Budget Policy Advisory Committee On February 26th (Wednesday), the National Assembly Budget Office held the 4th meeting of the 10th Budget Policy Advisory Committee, composed of 18 experts from finance, taxation, economics, science, technology, environment, energy, and public administration.Eleven advisory committee members, led by Chairman Deok-ro Lee met with NABO Chief Dong-ha Chi and seven others to discuss: ① how U.S. presidential election results might affect Korea's fiscal and economic situation, ② finance’s role and sustainability in addressing the climate crisis and population decline, and ③ strategies to improve public acceptance and understanding of the tax system.Chief Chi emphasized, “with rising political and economic uncertainties domestically and internationally due to low birth rates, aging populations, and weak domestic demand, discovering new growth drivers and effective fiscal management solutions is crucial." He added, "Using the committee members’ insights, we will enhance our expertise and legislative support capabilities.”[The 10th Budget Policy Advisory Committee Member List (18 members in random order)]Deokro Lee, Prof. at Sejong Univ. (Chairperson); Kyungmin Kim, Assistant Prof. at Keimyung Univ.; Sangheon Kim, Prof. at Seoul National Univ.; Shiho Kim, Prof. at Yonsei Univ.; Youngse Kim, Prof. at Sungkyunkwan Univ.; Hongkyun Kim, Prof. at Sogang Univ.; Cheol Liu, Prof. at KDI School; Prof. Kibaek Park at Univ. of Seoul; Prof. Jhungsoo Park at Ewha Womans Univ.; Prof. Hun Park at Univ. of Seoul; Prof. Myungjae Sung at Hongik Univ.; Prof. Jaeun Shin at KDI School; Prof. Jaejin Yang at Yonsei Univ.; Assistant Prof. Jiyoon Oh at Myongji Univ.; Senior Advisor Yongjun Lee at Barun Law; Prof. Jaeyeon Jung at Kangwon National Univ.; Advisor Yeongrok Choi at Samjong KPMG; Prof. Geejoo Ha at Kyungil Univ. 2025-02-26

PCAsia(Parliamentary Centre of Asia) FACT-4 Study Mission Team Training The National Assembly Budget Office (NABO, headed by Director Ji Dong-ha) conducted training to strengthen fiscal analysis capabilities for the PCAsia FACT-4 Study Mission Team over two days from Wednesday, February 19 to Thursday, February 20.* PCAsia is an international organization established in Cambodia to contribute to the strengthening of Southeast Asian Parliaments. The FACT-4 is a training program for legislative staff to build capacity for fiscal and budget analysis of the type that would be found in a parliamentary budget office. The team has visited PBOs around the world, including those in Canada, Sweden, the Philippines, and Indonesia, to learn from their best practices and experiences.The Study Mission Team that visited NABO consisted of a total of 8 members, including 6 trainees from Thailand, the Philippines, Cambodia, Indonesia, and 2 PCAsia program managers. Nine NABO staff members, including Park Joo-yeon, Director of Planning and Budget, and Byun Jae-yun, Director of Economic Industry Program Evaluation, delivered lectures on topics such as National Fiscal Program Evaluation, Bill Cost Estimation, Mid- and Long-term Fiscal Outlook, Climate-responsive Budget and Policy Analysis, and Research Analysis and Fiscal Economic Statistics System.Ms. Chhuor Sryneath, FACT Program Manager from PCAsia, said, "This training has been an opportunity to learn advanced practices including the work experience and know-how of NABO," and expressed hopes for "continued exchange and cooperation in the future." 2025-02-20

Meeting with the Standing Committee on Budget of the National Assembly of Mongolia The National Assembly Budget Office (NABO) hosted a delegation from Mongolia’s Parliamentary Standing Committee on Budget on Thursday, February 6th. The meeting brought together key figures to discuss strengthening parliamentary oversight of public finances.Led by Chairman Ts. Davaasuren and MP J. Batjargal, the 12-member Mongolian delegation met with NABO Chief Dong-ha Chi and Assistant Chief for Planning and Management Seunghwan Chong.The discussions focues on several critical areas, including maintaining the independence of parliamentary budget organizations, improving the National Assembly’s review process for budgets and settlements, and implementing effective fiscal rules.Chairman Davaasuren noted that the timing of the visit was particularly valuable, as Mongolia is currently planning to reorganize its parliamentary budget organization. He expressed enthusiasm for continued collaboration between the two institutions. 2025-02-06

NABO Hosts First 2025 Meeting of Journal of Budget and Policy’s the 7th Editorial Board The National Assembly Budget Office (NABO) held its first 2025 meeting of the 7th Editorial Board for the Journal of Budget and Policy on Thursday, January 16.The editorial board oversees review and editing for NABO’s academic journal. Led by Professor Byungho Choi of Pusan National University’s Economic Department, the 7th board consists of 20 experts across disciplines.Twelve board members attended, including NABO Chief Dongha Chi and Chairman Choi. Two new members joined: Sunghoon Kang (Hanyang University) and Taewan Kim (Korea Institute for Health and Social Research). The meeting covered 2024 journal activities and quality improvement measures.Chairman Choi noted the journal’s status as an authority in national finance and economics, emphasizing the need to expand contributor base and strengthen its position as Korea’s leading fiscal publication.[The 7th Editorial Board Member List (20 members in random order)]Professor Byungho Choi, Pusan National University (Chairperson)Professor Youngrok Kim, Kangwon National UniversityAssociate Professor Byungjo Kim, Graduate School of Public Administration at Seoul National UniversityProfessor Bonghwan Kim, Graduate School of Public Administration at Seoul National UnivertiyProfessor Deokhyun Ryu, Chung-Ang UniversityProfessor Cheol Liu, KDI School of Public Policy and ManagementProfessor Hun Park, University of SeoulProfessor Sukha Shin, Sookmyung Women's UniversityProfessor Youngmin Oh, Dongguk UniversityResearch Fellow Jonghyeon Oh, Korea Institute of Public FinanceProfessor Seungwon Yu, Korea National Police University,Professor Dongkyu Lee, Dong-A UniversityAssistant Professor Eunmi Lee, Kookmin UniversityProfessor Sangsoo Lim, Chosun UniversityProfessor Seunghoon Jeon, Daegu UniversityProfessor Jongpil Chung, Local Government Officials Development InstituteProfessor Youngjun Choi, Yonsei UniversityProfessor Sunghoon Kim, Hanyang UniversitySenior Researcher Fellow Taewan Kim, Korea Institute for Health and Social ResearchTax Analysis Counsel Hyejeong Shim, National Assembly Budget OfficeThe Journal of Budget and Policy, published quarterly by NABO, accepts submissions of theoretical and policy papers on finance, economics, taxation, and public policy through their online portal (https://nabo.jams.or.kr). 2025-01-16

Working Meeting with OECD Head of Budgeting and Public Expenditures Division On Friday, November 22, the National Assembly Budget Office (NABO) held a working meeting with Mr. Jón R. Blöndal, Head of Budgeting and Public Expenditures Division at the OECD.During the meeting, NABO and the OECD shared updates on their major projects and engaged in discussions about global public finance and economic outlook, with a specific focus on Korea. They also reviewed the schedule and topics for the 17th Annual Meeting of the OECD Working Party for Independent Fiscal Institutions (IFIs) and Parliamentary Budget Officials (PBOs), which NABO attends annually, as well as the schedule and agenda for next year's Asian Network of PBOs meeting, which is jointly organized by NABO and the OECD.NABO’s Chief Chi expressed gratitude to Mr. Jón R. Blöndal for his significant contributions to exchanges and cooperation between NABO and the OECD. In response, Mr. Blöndal acknowledged NABO's co-chairmanship of the Asian Network of PBOs, praising its role in bridging OECD and non-OECD countries in the region, and expressed his enthusiasm for continued close collaboration with NABO in the future. 2024-11-22

NABO Holds Annual Consultation with AMRO The National Assembly Budget Office (Chief Dongha Chi) held its annual consultation with the ASEAN+3 Macroeconomic Research Office (AMRO) on Thursday, November 21. AMRO is an international organization headquartered in Singapore, comprising ten ASEAN nations (Laos, Malaysia, Myanmar, Vietnam, Brunei, Singapore, Indonesia, Cambodia, Thailand, the Philippines), along with Korea, China, and Japan. The organization focuses on macroeconomic monitoring and crisis prevention in the region and conducts annual consultations with member countries to review their fiscal and economic trends.Kyungyeop Baek, Director of Tax Analysis Division 2 of the NABO, and Sumio Ishikawa, Mission Chief, led the meeting. The consultation covered several key topics. including Korea`s revenue deficit and response measures, major tax law amendments for 2024, revenue projections for 2025, national and public corporation debt issues, and the government`s pension reform plan. The AMRO mission team emphasized the importance of establishing preliminary guidelines for addressing revenue deficits, while NABO acknowledged that certain procedures, including consultation with the National Assembly, should be part of the government`s response to such deficits.AMRO Mission Chief Sumio Ishikawa expressed gratitude for the valuable insights provided by NABO`s experts on Korea`s economic issues and voiced his commitment to strengthening future collaboration and exchanges between the two institutions. 2024-11-21

NABO Conducts Annual Consultation with the IMF The National Assembly Budget Office (Chief Dongha Chi) held its annual consultative meeting with the International Monetary Fund (IMF) on Thursday, November 14, in compliance with Article IV of the IMF’s Articles of Agreement. This annual consultation process is a standard procedure through which the IMF engages with member countries to discuss broader economic matters, including macroeconomic, foreign exchange, and financial issues.The meeting was attended by Hyejeong Sim, Tax Analysis Counsel at NABO, and Mr. Rahul Anand, Mission Chief for Korea at the IMF among others.NABO and the IMF had in-depth discussions on short-term financial issues such as Korea's fiscal outlook, tax revenue deficit, and the direction of the 2025 budget, as well as long-term financial issues such as fiscal rules and pension reform, health insurance and pension financial prospects, and tax revenue expansion.NABO and the IMF exchanged detailed opinions on the government's tax deficit and its underlying causes, discrepancies between the government and NABO’s forecast on the managed fiscal balance, the need for tax base expansion and spending restructuring, and the government's pension reform plan.Upon the meeting’s conclusion, Mr. Rahul Anand, leading the mission team, expressed satisfaction with the substantive discussions. He highlighted the value of hearing diverse expert perspectives from NABO regarding Korea’s fiscal situation and emphasized his hope for continued dialogue and communication in future consultations. 2024-11-14

NABO Holds the Grand Debate on the 2024 Tax Reform Proposals The National Assembly Budget Office (Chief Dongha Chi) convened the Grand Debate on the 2024 Tax Reform Proposals on Friday, November 8th at 10 a.m. in Conference Room 1 of the Members’ Office Building. The event was specifically designed to discuss major issues and improvement tasks related to tax reform proposals.In his opening remarks, Chief Dongha Chi emphasized the critical role of tax policy in rejuvenating the Korean economy and establishment a stable fiscal base. He expressed hope that the debate would serve as a constructive platform for exchanging in-depth opinions on tax reform proposals and identifying optimal policy directions.National Assembly Speaker Wonshik Woo, through a written encouragement speech, highlighted the significance of the tax reform proposals. He stressed that tax revenue serves as a crucial funding source for government policies and expressed his desire that the public’s voice would be faithfully reflected in the legislative process. This sentiment was particularly noteworthy as vice chair-people from both the ruling and opposition parties of the Strategy and Finance Committee participated as discussants.Rep. Eon-seok Song, chairman of the Strategy and Finance Committee, delivered a congratulatory speech addressing the pressing social structural challenges facing Korea, includinglow birth rates, an aging population, and the ongoing regtional extinction crisis. He emphasized the necessity of developing market-oriented solutions to boost both the economy and people`s livelihoods. As committee chairman, he pledged to diligently review tax reform proposals to establish a more reasonable tax system.The debate was moderated by Professor Jungsoo Park from the Department of Public Administration at Ewha Womans University. Presentations were delivered byJeonghoon Jeong, Deputy Minister of Tax and Customs for the Ministry of Economy and Finance, and Jiwon Sang, Assistant Chief for Estimation and Tax Analysis at NABO. The discussion panel included Vice Chairpeople of Strategy and Finance Committee, Democratic Party Rep. Tae-ho Jung and People Power Party Rep. Soo-young Park; Rebuilding Korea Party Rep. Gyu-geun Cha, Member of the Strategy and Finance Committee; New Reform Party Rep. Ha-ram Chun, Member of the Strategy and Finance Committee; Professor Hyun-dong Kim from the Department of Business Administration at Pai Chai University; and Professor Woo-chul Kim from the Department of Tax Administration at University of Seoul.Concluding the event, Chief Chi expressed his expectation that the diverse opinions raised during the Grand Debate on 2024 Tax Reform Proposals would prove instrumental in the subsequent deliberations on tax law amendments at the National Assembly. 2024-11-08