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.