The National Assembly Budget Office (NABO) held the Fiscal and Economic Grand Debate to Commemorate the Opening of the 22nd National Assembly on Tuesday, July 16, at 9:30 a.m. in Conference Room 1 of the National Assembly Members’ Building. The event focused on “Economic and Social Changes and Fiscal and Economic Policy Challenges.” NABO jointly organized the debate with four academic societies: the Korean Economic Association, the Korean Academic Society of Taxation, the Korean Association of Public Finance, and the Korean Association for Public Administration. The aim was to discuss future fiscal and economic policy challenges based on the current state and prospects of the Korean economy and society, and to gather diverse opinions from various sectors.

During the opening ceremony, Professor Emeritus Kim Jung-sik of Yonsei University delivered a keynote speech. He diagnosed that Korea's economy has recently fallen into a low-growth trap and emphasized the need for institutional reform as a crucial factor for economic growth. He suggested tasks such as “strengthening industrial competitiveness through new industrial policies,” “institutional reform in line with global standards,” and “reducing economic inequality through fair institutional choices.”

The first session, “Policy Issues to Restore the Growth Potential of Korea's Economy,” was moderated by Professor Lee Jong-hwa of Korea University (Korean Economic Association). Professor Chun Hyun-bae of Sogang University and Deputy Director Cho Tae-hyoung of the Bank of Korea's Economic Research Institute presented. The discussion panel included Jin Ick, Assistant Chief for Economic Analysis at NABO, Professor Kwon Nam-hoon of Konkuk University, Dr. Cho Jae-han, Head of Industrial Innovation Policy Division at the Korea Institute for Industrial Economics and Trade, and Park Chun-woong, President of CFA Korea.

Session 2, “Fiscal Policy Challenges in Response to the Declining Birthrate and Aging Population,” was moderated by Professor Lee Deok-ro of Sejong University (Korean Association for Public Administration). Kim Kyung-ho, Assistant Chief for Budget Analysis at NABO, and Han Sung-min, Head of Public Investment Policy Division at KDI, delivered remarks. The discussion featured Professor Seong Si-kyung of Dankook University, Professor Lee Sock-hwan of Hanyang University, Economist Sung Won at the Economic Research Institute of the BoK, and Director Cho Sung-rae of Evaluation and Analysis Division at the Presidential Committee on Ageing Society and Population Policy.

Session 3, “Economic and Social Changes and Tax Policy Challenges,” was moderated by Professor Hong Jong-ho of Seoul National University (Korean Association of Public Finance). Sim Hye-jeong, Tax Analysis Counsel at NABO, and Jeon Byeong-mok, Senior Auditor at the Industrial Bank of Korea presented. The discussion panel included Professor Lee Chul-in of Seoul National University, Professor Lee Seong-bong of Seoul Women's University, Oh Jong-hyun, Head of Tax Policy Research at the Korea Institute of Public Finance, and Cho Man-hee, Income and Corporate Tax Policy Officer at the Ministry of Economy and Finance.

The Grand Debate provided a comprehensive platform to discuss critical issues facing the new National Assembly. These included the causes of low growth in the Korean economy and strategies for recovery, methods to increase industrial and corporate productivity, responses to population and climate crises, effective financial management in the face of a declining birthrate and aging population, and improvements to the tax system for financial stability.