▪ The National Assembly (NA) passed the 2022 budget with total revenue of 553.6 trillion Korean won and total expenditure of 607.7 trillion won.
▪ The consolidated fiscal deficit of FY2022 is expected to be 54.1 trillion won, the operational fiscal deficit 94.1 trillion won, and the national debt 1,064.4 trillion won (50.0% of GDP).
▪ In terms of the YoY increase, the health/welfare/employment area ranked first (18.0 trillion won), followed by general/local administration (13.4 trillion won), and then education (13.0 trillion won).
▪ Based on the YoY growth rate, the education area ranked first (18.3%), followed by general/local administration (15.8%) and then environment (12.3%).
▪ Major investment areas in the 2022 budget
① Facilitating job creation, boosting employment, and supporting pandemic-hit SMEs
② Strengthening social safety nets for vulnerable groups and financially supporting balanced regional development
③ Creation of future growth engines through net-zero and digital transformation projects
④ Strengthening the prevention and control of COVID-19
-The National Assembly stated a total of 45 incidental opinions.