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Meeting with the Organization for Economic Cooperation and Development (OECD) Mission Team The National Assembly Budget Office held a meeting with a mission team from the Organization for Economic Cooperation and Development (OECD) to deliberate on South Korea’s fiscal policy and the challenges posed by demographic changes on Tuesday, March 26.The meeting was marked by the presence of four OECD delegates, including Vincent Koen, Country Studies Division Chief, and Jon Pareliussen, Head of the Korea/Sweden Desk. Representing NABO were Cheol-min Choi, Head of the Budget Analysis Coordination Division; Young-il Choi, Head of the Macro-Economic Analysis Division; and Jae-yeon Byun, Head of the Economic Industrial Program Evaluation Division. They contributed insights on various fiscal and economic topics, such as the implementation of fiscal rules, the fiscal policy framework, and low fertility budgets.The OECD mission team expressed their appreciation for gaining a deeper understanding of NABO’s perspective on these crucial issues. They further noted the importance of NABO’s role as an independent fiscal body in overseeing adherence to fiscal rules in the future. 2024-03-26
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Joint Seminar by NABO and KAPF The National Assembly Budget Office and the Korean Association of Public Finance hosted a joint seminar on Friday, March 22.Aiming to foster stronger ties and cooperation between the two entities, this event served as a platform for sharing NABO’s practical experience and KAPF’s research findings. The seminar saw the participation of Euysup Cho, the Chief of NABO, and Chul-In Lee, the President of the KAPF.The event featured presentations by several esteemed speakers: Cheol-min Choi, head of the Budget Analysis Coordination Division at NABO; Jin-woo Lee, head of the Social Cost Estimates Division at NABO; Heon-jae Song, a professor at University of Seoul; and Sung-hwan Kim, associate research fellow at the Korea Institute for Foreign Economic Policy. The discussions covered a wide range of topics, including the National Assembly's right to deliberate on budget and accounts, the utilization of the bill cost estimation system, the impact of expected national pension income on children's private education costs, and the implications of student debt relief programs."We are pleased to have the opportunity to share our knowledge andexperiences through this joint seminar," said Chief Cho. “We look forward to fostering ongoing exchanges and collaborations, contributing to the mutual development of both organizations." 2024-03-22
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MOU with the Chungcheongnam-do Council The National Assembly Budget Office (Chief Euysup Cho) signed an MOU with the Chungcheongnam-do Council (Chairperson Kilyon Cho) on Tuesday, March 19, at the Council’s International Press Conference Center in Chungcheongnam-do.This MOU signing ceremony, aimed at bolstering fiscal operations, saw the participation of notable figures including NABO Chief Euysup Cho, Assistant Chief Yangsung Lee, Head of the Planning and Budget Division Juyeon Park, Head of the Estimates & Tax Coordination Division Ahyoung Kwon, and key members from the Chungcheongnam-do Council such as Chairperson Kilyon Cho, Vice Chairperson Bokman Kim and Seonghyeon Hong, and Secretary-General Junggu Lee.Under the MOU, the two organizations will work closely with each other to advance their work in the fiscal field, including budget/account settlement analysis and cost estimation, share information, establish a cooperative framework, organize joint research and scholarly activities on critical issues, and facilitating exchanges of personnel to bolster expertise and mutual understanding.Chief Cho highlighted the significance of the partnership, stating, “Signing this MOU with the Chungcheongnam-do Council is a groundbreaking moment for us, being the first of its kind with local councils. We look forward to this collaboration playing a pivotal role in energizing the council’s parliamentary activities and elevating the espertise of the Council Secretariat.” 2024-03-19
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First Editorial Board Meeting of the Journal of Budget and Policy for 2024 The National Assembly Budget Office (NABO) has established the 7th Editorial Board for the Journal of Budget and Policy and convened its first meeting of 2024 on Thursday, February 22, at the NABO building.The editorial board functions as a committee responsible for decisions regarding the review and editing of articles for the Journal of Budget and Policy, a scholarly publication of NABO. Comprising 18 experts from various disciplines, the 7th editorial board is chaired by Professor Byungho Choi of Pusan National University's Economics Department. During the meeting, a five-member research ethics committee was established to enhance the future oversight of research ethics violations. Additionally, the board deliberated on strategies for assembling special issue papers to elevate the journal's quality.Published by NABO, the Journal of Budget and Policy is a registered journal that discovers and publishes theoretical and policy papers related to finance, economics, taxation, and public policy. This quarterly journal is always open for paper submissions.[The 7th Editorial Board Member List (18 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 UniversityTax Analysis Counsel Hyejeong Shim, National Assembly Budget Office 2024-02-22
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NABO Meets with the Australian Embassy On Wednesday, February 21, the National Assembly Budget Office (NABO) held a meeting with representatives from the Australian Embassy in Seoul to discuss Korea’s changing demographics and fiscal outlook.The meeting saw the participation of three embassy representatives, including Mr. Andrew Deitz, Minister-Counsel (Economic) and Australia’s Senior Treasury Representative to Korea and Japan. Also present was Ms. Gahyeong Hur, Head of Population & Strategy Analysis Division at NABO. They engaged in discussions about Korea's demographic shifts and policy measures, its medium- to long-term fiscal projections, and Australia's immigration policy.Mr. Deitz expressed that the meeting provided him with valuable insights into Korea's demographic challenges and fiscal matters. He also conveyed his hope that this visit would rejuvenate the exchanges between the two entities, which had been on hold due to the pandemic. 2024-02-21
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NABO Conducts Consultation with Gyeonggido Assembly’s Innovation Task Force On Thursday, February 1, the National Assembly Budget Office conducted a meeting with the Innovation Task Force of the Gyeonggido Assembly.The consultation was attended by 11 members from the Task Force, including five lawmakers: Woo-sik Yang and Sung-hwan Cho, co-chairs of the Gyeonggido Assembly's Innovation Task Force, and Young-chul Bae, Chief of Staff at the Gyeonggido Assembly Secretariat. Representing NABO were Euy-sup Cho, the Chief of the Office; Yang-sung Lee, Assistance Chief for Planning and Management; Joo-yeon Park, Head of Planning and Budget Division; Chul-min Choi, Head of Budget Analysis Coordination Division; and Ah-young Kwon, Head of Estimates and Tax Coordination Division.The consultation focused on several key areas, including NABO’s operational practices, the cost estimation work system, the timing and scope of budget analysis, and the evaluation of analysis performance. Additionally, the meeting included in-depth discussions on ways to exhance exchanges between NABO and the Gyeonggido Assembly and to strengthen cooperation in cost estimation.Chief Cho stated, "We hope this consultation will invigorate parliamentary activities within the Gyeonggido Assembly, and NABO will foster a network between the National Assembly and local councils to share experiences and expertise in cost estimation." 2024-02-01
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NABO Reports 2024 Plans to the Speaker of the National Assembly The National Assembly Budget Office presented its plans for 2024 to the Speaker of the National Assembly on Monday, January 29, at 9:30 a.m., in the National Assembly reception room.Euy-sup Cho, the Chief of NABO, outlined how the office will contribute to addressing complex policy issues and support the successful conclusion of the 21st National Assembly and the fresh start of the 22nd National Assembly. Embracing the vision of becoming “the best fiscal and policy institution opening new hopes,” NABO set forth three main objectives: devising solutions for national challenges to enhance the National Assembly’s policy leadership, supporting parliamentary activities to increase the efficacy of fiscal and economic policies, and laying the foundation to amplify the policy-making capabilities of the 22nd National Assembly. To achieve these goals, NABO intends to focus on several key initiatives, including public education innovation, facilitation of the recruitment of overseas workers, enhancement of the budget and account settlement deliberation capabilities, and public pension reform, while also conducting long-term population projections and publishing a comprehensive guide for obtaining fiscal and economic information.The Speaker of the National Assembly, Jin-pyo Kim, lauded NABO’s presentation, underscoring the importance of policy support for developing AI-specialized teacher training programs and AI-based educational materials, which would foster innovation in public education through AI. Moreover, he advocated for enhanced training programs to bolster the National Assembly's budget scrutiny capabilities so that the National Assembly can play a leading role in the budget process. 2024-01-29
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2023 Annual Consultation with AMRO On Thursday, December 14, the National Assembly Budget Office (Chief Euysup Cho) engaged in its annual consultation with the ASEAN+3 Macroeconomic Research Office (AMRO). The discussion focused on the current state and future outlook of Korea’s fiscal situation.The meeting featured by nine representatives from AMRO, including Team Head Kevin, C. Cheng. Notable attendees from NABO include Ah-young Kwon, Head of Estimates & Tax Analysis Coordination Division; Jinwoo Lee, Head of Social Cost Analysis Division; and Kyungyeop Baek, Head of Tax Analysis Division 2. The agenda covered a range of topics, such as the 2023 budget operation, the proposed 2024 budget, analysis and improvement strategies for revenue projection discrepancies, pension reform, social protection system, and long-term fiscal challenges.AMRO Team Head Kevin Cheng expressed his appreciation for the insights provided by NABO’s experts on Korea’s economic issues. He also conveyed his eagerness to further strengthen the collaboration and exchange relationship between the two institutions.AMRO is an international organization based in Singapore, formed by ten ASEAN countries (Laos, Malaysia, Myanmar, Vietnam, Brunei, Singapore, Indonesia, Cambodia, Thailand, the Philippines), Korea, China, and Japan. Its primary aim is to monitor regional macroeconomic activities and avert crises. NABO has been conducting these annual consultations with AMRO since 2017, responding to the organization’s request. 2023-12-14
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2023 Meeting of the Editorial Board of the Journal of Budget and Policy The National Assembly Budget Office (Chief Euysup Cho) hosted the 2023 meeting of the Editorial Board of the Journal of Budget and Policy on Wednesday, December 13, at the NABO building.The meeting was attended by 10 members from the 6th Editorial Board, including Chairperson Yeon-seob Ha. Discussions revolved around a variety of topics, including a report on the activities of the Journal of Budget and Policy for 2022–2023 and strategies for enhancing the journal’s quality. Chairperson Ha emphasized that “since becoming a registered journal, the Journal of Budget and Policy has been broadening its pool of contributors and has established itself as Korea’s leading fiscal journal.” He further noted, “To further solidity the journal’s distinct identity, it is vital to foster long-term engagement with the academic community and related institutions.”The Journal of Budget and Policy, a publication of NABO, features policy papers on finance, economics, taxation, and public policy. Established in 2012, it was recognized as a registered journal by the National Research Foundation of Korea in 2018. The journal is published quarterly–in March, June, September, and December–and continuously seeks contributions. [The 6th Editorial Board Member List (16 members in random order)]Yeon-seob Ha, Prof. at Yonsei University (Chairperson)Young-rok Kim, Prof. at Kangwon National UniversityCheol Liu, Prof. at KDI schoolHun Park, Prof at University of SeoulTae-yoon Sung, Prof. at Yonsei UniversityYoung-min Oh, Prof. at Dongguk UniversityJoung-hyeon Oh, Fellow at the Korea Institute of Public FinanceSeung-won Yu, Prof. at Korean National Police UniversityHyun-suk Yoon, Prof. at Wonkwang University Law SchoolDong-gyu Lee, Prof. at Dong-A UniversityEun-mi Lee, Prof. at Kookmin UniversitySang-soo Lim, Prof. at Chosun UniversitySeung-hoon Jeon, Prof. at Daegu UniversityYoung-Jun Choi, Prof. at Yonsei UniversityHye-jung Shim, Deputy Director-General for Tax Analysis at NABO (Editorial Assistant) 2023-12-13
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NABO holds the Grand Debate on the 2023 Tax Reform Proposals The National Assembly Budget Office held the Grand Debate on the 2023 Tax Reform Proposals on Thursday, November 9 at 10 am in Conference Room 1 at the Member’s Office Building to discuss the main issues and improvement tasks for the tax reform proposals.In his opening remarks, Chief Euysup Cho expressed his hope that today's debate would yield insightful perspectives on the 2023 tax reform proposal, aiding the National Assembly's upcoming review process. National Assembly Speaker Jin-pyo Kim, in his encouraging remarks, underscored the crucial role of taxation amidst South Korea's waning growth potential. He urged collaboration among the National Assembly, the government, and academia to gather wisdom for a sound tax policy. National Assembly’s Strategy and Finance Committee Chairman Sanghoon Kim emphasized in his congratulatory remarks that tax policy should bolster economic vitality and support the livelihood of Koreans, pledging reasonable deliberation on the tax reform proposals based on the opinions discussed at today's debate.The debate, moderated by Sung-hyun Hwang, a professor of economics at Incheon National University, featured several key presentations. Jung-hoon Jeong, Deputy Minister of the Tax and Customs for the Ministry of Economy and Finance, identified the basic direction of the government's 2023 tax reform proposals as "revitalizing the economy, stabilizing people’s livelihood, and strengthening the capacity to overcome structural crises," and explained the background and expected effects of the main contents, including the investment incentives in video content and a deduction for marital gifted property. Hangjin Shin, Assistant Chief for Estimates and Tax Analysis at NABO, presented the second topic. He evaluated this year's tax reform proposals as a modest revision that support tax support for economic revitalization and enhancing childbirth and childcare under the existing tax policy framework. As for improvements, he called for broader tax revenue sources and legislative over decree-based reforms so that those proposals can be deliberated by the National Assembly.Panelist Byung-goo Kang, an economics professor at Inha University, highlighted the need for increased tax revenues to maintain fiscal health against the backdrop of recent fiscal deficits and lowered economic forecasts, advocating for tax reforms promoting inclusivity and innovation in an increasingly polarized environment. Sungkyunkwan University's Law School Professor Jeon-oh Lee found the direction of the tax reform proposals sensible but cautioned against an overreliance on taxation as a policy tool. He recommended that tax policies be judged by their policy outcomes rather than the characteristics of beneficiaries. Jun-hyeon Kang, a member of the Strategy and Finance Committee and the Democratic Party, criticized the government's corporate tax reduction as ideologically driven and ineffective and that the tax reform proposals lacked consideration for securing future growth engines, suggesting enhancements to the effectiveness of the current fiscal consolidation system, the introduction of a temporary consumption tax credit, and expansion of the monthly rent tax credit as alternatives. Finally, Sung-kull Ryu, Vice Chairman of the Strategy and Finance Committee and a member of People Power Party, assessed that this year's tax reform proposals reflect considerations about future-oriented improvements, such as responding to the current economic and fiscal crisis, family support, and balanced regional development, highlighting the importance of evaluating tax and fiscal spending concurrently in a longer term period.The debate was also live-streamed on the NATV YouTube channel. 2023-11-09