NABO Fiscal Trends &Issues (Vol. 1, Issue. 22, 2023)

Published on April 21, 2023
Published by Social Budget Analysis Division

Ⅰ. Major Fiscal Indicators
  The progress rates for total revenues and expenditures until January 2023 are 9.8%, 8.0%, respectively. As of the end of January 2023, the consolidated fiscal balance (in the form of a 10.3 trillion won surplus) recorded a surplus increase of 1.3 trillion won YoY, while as of the end of November in 2022, central government debt (1,045.5 trillion won) increased by 106.4 trillion won since the FY2021 settlement of accounts.

Ⅱ. Major Fiscal Trends & Issues
  Major fiscal trends & issues include the 'Main contents of budget for 2023', 'Announcement of plans to build smart logistics infrastructure', 'Announcement of the 1st mid- to long-term national R&D investment strategy', 'Interim announcement of the direction to run the Youth Leap Account project', 'Announcement of the implementation strategy for reinforcing the system semiconductor ecosystem', 'Announcement of the 1st basic plan of welfare policy for artists', 'Announcement of the 5th basic plan for employment policy’, 'Announcement of the basic plan for Defense Innovation 4.0', 'Announcement of the plan for 2023 comprehensive implementation of the international development cooperation', 'Announcement of 2022 fiscal analysis results by local governments', 'Announcement of export support plans for SMEs’, 'Announcement of strategies to nurture talent in the high-tech sector', and 'Status of 2023 designation of public institutions' were introduced, and future tasks and implications were presented accordingly.

Ⅲ. Overseas Fiscal Trends
 As for overseas fiscal trends, 'Submission of the 2024 presidential budget proposal to the US Congress by the US government', 'Announcement of the global economic outlook by the International Monetary Fund (IMF)', and 'Finalization of the budget for 2023 by the Japanese Diet', have been selected to present major contents focusing on fiscal issues.