NABO Fiscal Trends &Issues (Vol. 2, Issue. 17, 2021)

Published on 20 August 2021
Published by Social Budget Analysis Division of the Budget Analysis Department

I. Key Fiscal Indicators
  The progress rates of total revenue and total expenditure from January to June 2021 are 58.0% and 57.2%, respectively. The consolidated fiscal balance (in the form of a 47.2 trillion won deficit) recorded a deficit decrease of 42.8 trillion won YoY, while as of end-June 2021, central government debt (898.1 trillion won) increased by 78.9 trillion won since the FY2020 settlement of accounts.

Ⅱ. Major Fiscal Trends
  The following were selected as the major fiscal trends in the second quarter of 2021, highlighting the fiscal-related issues under each subject followed by the tasks ahead as well as implications: ‘Submission of FY2020 National Report on the Settlement of Accounts to the National Assembly’, ‘Results of National Assembly Deliberations on the 2nd Supplementary Budget Proposal for 2021’, ‘Status Analysis of the Public Institutions’ Financial Settlement of Accounts for FY2020’, ‘Announcement of the Support Strategy for Universities’ Structural Management and Innovation’, ‘Announcement of Measures to Facilitate Young Adults Business Start-ups’, ‘Announcement of the 2021 Action Plan for the Second General Plan for Industry Convergence and Development’, ‘Announcement of the Survey on Senior Citizens’ Status in 2020’, ‘Announcement of the Evaluation Results of the 2020 Fiscal Support Programs for Job Creation’, ‘Budget and Settlement of Accounts Statements to take into Account GHG Reductions from 2023’, ‘COVID-19 Vaccination Status and Vaccination Plans Going Forward’, ‘Deliberation and Resolution of the Budget Allocation and Adjustment (plans) for National R&D Programs in 2022’, ‘UK Central Government Announces Main Tax Expenditure Budget Plan for FY2021-2022’, ‘CBO Revises Its Fiscal Outlook for 2021-2031’, ‘EU Announces Legislative Bill for the Carbon Border Adjustment Mechanism (CBAM).’

Ⅲ. Major Fiscal Issues
  As major fiscal issues in the 2nd quarter of 2021, ‘Progress Report on Measures to Improve Military Cafeteria Meals’ and ‘Application of Employment Insurance for Workers in Special Employment Types’ were highlighted, providing an overview mainly regarding fiscal matters and legislation.