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 Friday, September 12, 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 exchanges, and financial issues.  The meeting was attended by Hyejeong Sim, Tax Analysis Counsel at NABO, and Mr. Radul Anand, Mission Chief for Korea at the IMF among others. NABO and the IMF had in-depth discussion on short- and long-term financial issues such as Korea’s fiscal policy, taxation, and pension systems.   Short-term topics included evaluation of the 2026 budget proposal, the impact of budget expansion for advanced industries and supply chain strengthening on contingent liabilities, and coordination between monetary and fiscal policies. Long-term discussions focused on health insurance and pensions fiscal projections, tax revenue expansion, and establishment of fiscal rules and buffers. Korea Mission Chief Raful Anand concluded, “It was meaningful to hear diverse perspectives on Korea’s fiscal situation from NABO experts. I hope we can continue our ongoing exchanges and close communication.” 2025-09-12

NABO Hold the 1st Meeting of the 11th Budget Policy Advisory Committee On August 29th (Friday), the National Assembly Budget Office held the inaugural meeting of its 11th Budget Policy Advisory Committee, composed of 19 experts from finance, economics, science, technology, environment, energy, and public administration. During the meeting, committee members elected Professor Tobin Im from Seoul National University’s Graduate School of Public Administration as the new chairperson. Following his appointment, the committee discussed recommendations for NABO’s future development and research priorities.  Advisory members praised NABO’s significant contributions to strengthening parliamentary fiscal oversight through its work in budget analysis, cost estimation, fiscal and economic forecasting, and tax analysis. Looking ahead, they recommended that NABO enhance its analytical capabilities in emerging areas such as AI and advanced technologies, energy, climate change, demographic shifts, and natural disaster preparedness. They also emphasized the need to improve public communication of research findings and develop strategies for recruiting top talent. NABO Chief Dongha Chi remarked, “Korea faces complex challenges both at home an abroad, making effective fiscal management more critical than ever. Drawing on the valuable insights and encouragement from our advisory members, we are committed to further strengthening our expertise and support for legislative decision-making.” [The 11th Budget Policy Advisory Committee Member List (19 members in random order)] Tobin Im, (Chairperson) Professor, Seoul National University Graduate School of Public Administration, Soonman Kwon, Professor, Seoul National University Graduate School of Public Health, Yeongjin Gwon, former Deputy Secretary General for Legislative Affairs, National Assembly, Shiho Kim, Professor, School of Integrated Technology, Yonsei Univertisy, Youngse Kim, Professor, School of Economics, Sungkyunkwan University, Jhungsoo Park, Professor, Department of Public Administration, Ewha Womans University, Hyungjun Park, Professor, Department of Public Administration, Sungkyunkwan University, Jiyoon Oh, Assistant Professor, Department of Economics, Myungji University, Seongbin Yim, former Commissioner, NTS Seoul Regional Office, Kyuan Jeon, Professor, Department of Accounting, Soongsil University, Chunglae Cho, Professor, Department of Public Administration, Ewha Womans University, Chul Choi, Professor, Department of Consumer Economics, Sookmyung Women’s University, Hyangmi Choi, Professor, School of Business, Chungnam National University, Geejoo Ha, Collaboration Professor, Hanyang University, Eunnyeong Heo, Professor, Department of Energy Resources Engineering, Seoul National University, Jung Hur, Professor, Department of Economics, Sogang University, Kiseok Hong, Professor, Department of Economics, Ewha Womans University, Sunghoon Hong, Professor, Department of Science in Taxation, University of Seoul, Jongho Hong, Professor, Seoul National University Graduate School of Environmental Studies. 2025-08-29

Meeting with Moody's Annual Consultation Team The National Assembly Budget Office held a meeting with Moody's annual consultation team on Thursday, August 7th.The meeting was attended by Sim Hye-jeong, Tax Analysis Counsel, and Kim Hyung-jin, Director of Planning and Budget at NABO, along with Anushka Shah, Vice President – Senior Analyst in the Sovereign Risk Group at Moody's, among others.NABO and Moody's annual consultation team engaged in in-depth discussions on various topics including: evaluation of the recently formulated supplementary budget, revenue projections for 2025, long-term fiscal outlook, the impact of the current trade environment on public spending, the effects of population aging on pensions and public expenditure, and the fiscal soundness of public institutions.Concluding the meeting, Team Leader Anushka Shah stated, "The experts from NABO have been extremely helpful in understanding and forecasting Korea's fiscal and economic situation," and expressed hope that "active exchanges and cooperation will continue in the future." 2025-08-07

NABO held Press Conference The National Assembly Budget Office held a press conference on Thursday, May 22nd regarding issues in fiscal, tax, and economic sectors.The event was held online and offline at the same time, with a number of reporters participating from Maeil Business Newspaper, KBS, Money Today Broadcasting, Kyunghyang Shinmun, and others.The conference proceeded with explanations by NABO Directors on the main contents and current issues of NABO reports—"Public Finance of the Republic of Korea 2025," "Tax System of the Republic of Korea 2025," and "NABO Economic Trends & Issues (published May 21)"—followed by questions and answers from reporters. NABO and the reporters engaged in in-depth discussions on major fiscal and economic issues including the government's consecutive tax revenue shortfalls and the ratio of national tax allocation to local education subsidies.In conclusion, Seung-hwan Chong, Assistant Chief for Planning and Management of NABO, stated that today's press conference served as an important opportunity to communicate with reporters interested in NABO, and showed determination to frequently organize events for active communication with reporters in the future. 2025-05-22

Meeting with Parliament Secretariat of Kyrgyzstan The National Assembly Budget Office (NABO) held a meeting with a delegation from the Parliament Secretariat of Kyrgyzstan on Monday, April 28.The meeting was attended by a 15-member delegation from Kyrgyzstan, including Chief of Staff ALYMBAEV Alaibek, along with NABO Chief Dongha Chi and Assistant Chief for Planning and Management Seunghwan Chong.The Kyrgyz delegation and NABO engaged in in-depth discussions on topics such as strengthening budget analysis and program evaluation methods, ways to link fiscal outlook with legislative bills, introducing financial analysis using artificial intelligence (AI), and improving public transparency in budget matters.Chief of Staff ALYMBAEV Alaibek stated that this meeting served as an opportunity to learn from NABO's advanced practices and work experiences, and expressed hope for continued exchanges with NABO in the future, including academic information exchange, collaborative research, and development of educational programs. 2025-04-28

NABO Experts Meeting The National Assembly Budget Office (NABO) held an experts meeting on Wednesday, April 23 with professors from the Korean Association for Public Administration, the Korean Political Science Association, the Korean Academic Society of Business Administration, and other experts.The meeting was attended by six professors, including Professor Deokro Lee from the Department of Public Administration at Sejong University, along with NABO Chief Dongha Chi and six other NABO officials. The participants engaged in in-depth discussions on topics such as the impact of the Trump 2.0 administration's trade policies on South Korea and political polarization in Korea along with improvement measures.Chief Chi stated, "At this important time when responding to the Trump administration's tariff policies is crucial, we will further strengthen NABO's expertise and legislative support capabilities based on the valuable insights from experts in various fields." 2025-04-23

Press Conference on 2025 NABO Economic Outlook 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