NABO Fiscal Trends &Issues (Vol. 2, Issue. 25, 2024)

Published on Sept., 10, 2024
Published by Social Budget Analysis Division

Ⅰ. Major Fiscal Indicators
  The progress rates for total revenues and expenditures until June 2024 are 48.3% and 56.6% respectively. As of the end of June 2024, the consolidated fiscal balance (in the form of a 76.0 trillion won deficit) recorded a deficit increase of 20.4 trillion won YoY, while as of the end of June 2024, central government debt (1,145.9 trillion won) increased by 53.4 trillion won since the FY2023 settlement of accounts.

Ⅱ. Major Fiscal Trends & Issues
  Major fiscal trends & issues include the ‘Submission of the 2025 Budget Bill to the National Assembly’, ‘Status of Expedited Fiscal Execution in the First Half of 2024’, ‘Implementation of Measures to Reinforce Administrative Charges Reorganization and Management System’, ‘Announcement of Measures to Reverse the Low Fertility Rate Trend’, ‘Announcement of Measures to Expand Housing Supply for National Housing Stability’, ‘Results of Formulation of the 2025 National Research and Development Project Budget Bill’, ‘Results of the FY2023 City/Provincial Offices of Education Settlement’, ‘Results of the 2023 Public Institution Management Performance Evaluation’, ‘Status of the Introduction of the Labor Director System in Public Institutions’, ‘Amendments to Major Related Guidelines to Support Work-Family Balance in Public Institutions.’

Ⅲ. Overseas Fiscal Trends
  As for overseas fiscal trends, ‘Major contents of the EU fiscal rule amendments and the Excessive Deficit Procedure’, ‘IMF’s announcement of the revised world economic outlook’, and ‘Japan’s finalization on the 2025 budget bill requirement criteria,’ have been selected to present key contents focusing on fiscal issues.