NABO Fiscal Trends &Issues (Vol. 2, Issue. 23, 2023)

Published on Dec., 26, 2023
Published by Social Budget Analysis Division

Ⅰ. Major Fiscal Indicators
  The progress rates of both total revenues and expenditures until October 2023 stand at 78.7%. As of the end of October 2023, the consolidated fiscal balance (in the form of a 10.4 trillion won deficit) showed a YoY deficit decrease of 32.6 trillion won, while as of the end of October in 2023, the central government debt (1,105.5 trillion won) increased by 72.1 trillion won since the FY2022 settlement of accounts.

Ⅱ. Major Fiscal Trends & Issues
  Major fiscal trends and issues include the 'Announcement of general government debt (D2) and public sector debt (D3) for FY2022,' the 'Announcement of the startup Korea comprehensive plan,' the 'Announcement of the pet-related industry development plan,' the 'Announcement of the Yoon Suk Yeol administration’s R&D innovation plan and global R&D promotion strategy,' the 'Budget status related to sickness welfare,' the 'Export and financial support status, and improvement tasks, for the defense industry,' the 'Announcement of the housing support plan to overcome the low fertility rate,' the 'Announcement of the 2022 national R&D project implementation status,' 'Promoting improvements in childbirth and pediatric health care benefits to strengthen essential medical care,' the 'Announcement of national treasury subsidy grants and implementation results for local governments in 2023 (FY2022),' the 'Announcement of the 1st comprehensive plan for the local era,' the'Announcement of the revised plan for fiscal soundness plans at fiscally-risky institutions,' 'Public institution management evaluation results and major issues,' and 'System improvement tasks to strengthen the National Assembly's right to deliberate budget bills,' and suggested future tasks and implications accordingly.

Ⅲ. Overseas Fiscal Trends
 As for overseas fiscal trends, the 'Enforcement of the provisional budget for FY2024 by the U.S.,' the 'Announcement of the world economic outlook by the International Monetary Fund (IMF),' and the 'Finalization of the first supplementary budget for 2023 by Japan,' have been selected to present major contents focusing on fiscal issues.