NABO Fiscal Trends &Issues (Vol. 1, Issue. 24, 2024)

Published on April 26, 2024
Published by Social Budget Analysis Division

Ⅰ. Major Fiscal Indicators
  The progress rates of total revenues and expenditures until February of 2024 are 15.9% and 19.4%, respectively. As of the end of February 2024, the consolidated fiscal balance (in the form of a 29.9 trillion won deficit) recorded a deficit increase of 5.3 trillion YoY, while as of the FY2023 settlement, the central government debt (1,092.5 trillion won) increased by 59.1 trillion won since the FY2022 settlement of accounts.

Ⅱ. Major Fiscal Trends & Issues
  Major fiscal trends & issues include ‘Main contents from the FY2023 National Settlement Report’, ‘Results of the 2023 Survey on Private Education Expenditure in Elementary, Middle, and High Schools’, ‘Announcement of the Financial Support Plan Targeting Vulnerable Sectors’, ‘Development Plan for the Global Green Industry’, ‘Cabinet Approval of Partial Amendments to Enforcement Decree of Framework Act on Low Fertility Rate and Aging Society’, ‘Release of the Analysis Results of Local Government Finances for 2023’, ‘Launch of the Regional Revitalization Investment Fund’, ‘Announcement of the Comprehensive Implementation Plan for International Development Cooperation in 2024’, ‘Implementation Plan for Space Development Promotion in 2024’, ‘Announcement of the Biomanufacturing Innovation Strategy’, ‘Announcement of the Four Major Innovation Plans for Industrial and Energy R&D’ ‘Confirmation of the 2024 Implementation Plan for the 6th Comprehensive Policy for Persons with Disabilities’, ‘Status Update on Public Institution Designations in 2024.’

Ⅲ. Overseas Fiscal Trends
  As for overseas fiscal trends, ‘Announcement of the World Economic Outlook by the International Monetary Fund (IMF)’, ‘Announcement of the 2024 Mid-Term World Economic Outlook Report by the Organization for Economic Cooperation and Development (OECD)’, ‘U.S. Budget Confirmation for FY2024’, have been selected to present major contents focusing on fiscal issues.