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Better Budgets for Better Lives

Role & Work Organization Chief of NABO

Work Scope

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  • Analysis of Budget Bills & Account Settlements

    Analysis of Budget Bills & Account Settlements

    The national budget for 2023 amounts to 638.7 trillion Korean Won (about 495.1 billion US dollars). Most of it comes from the taxpayers’ valuable money. In order to ensure that not a single penny is wasted, NABO undertakes thorough analysis of budget bills and account settlements submitted by the government, and if necessary, it develops counter-proposals.

    NABO issues analysis reports in time with the deliberation on budget bills and account settlements by the National Assembly. These reports are submitted to members of the Assembly to be utilized as critical basic data for legislative decisions made by the standing committees and the Special Committee on Budget and Accounts.

  • Analysis & Evaluation of Major National Programs

    Analysis & Evaluation of Major National Programs

    NABO evaluates national programs that receive large amounts of public funding as well as major policies and government performance management programs. It also makes proposals for efficient management of national finances to assist legislative activities such as budget deliberation, settlement of accounts, parliamentary audit, and introduction of new bills.
  • Analysis of Public Institutions’ Budget, Final Accounts & Performance

    Analysis of Public Institutions’ Budget, Final Accounts & Performance

    Public institutions implement various programs that substantially benefit the public, either with governmental grants or by policy coordination with the government. NABO strives to enhance the efficiency and effectiveness of fiscal programs by analyzing the budgets and settlement of accounts of public institutions and evaluating their performance.
  • Bill Cost Estimates

    Bill Cost Estimates

    • Committees or members of the National Assembly fill out a request form.

    • The Planning & Management Office receives and classifies the form.

    • Bill cost estimates are completed by Estimates & Tax Analysis Office.

    • A response is given to the request.

    A producer takes into account the cost of production. Likewise, the National Assembly, as the lawmaking branch, affirms the cost of bills before enactment or amendment.

    NABO estimates the revenue and spending incurred by the Tax Law or other appropriation bills for the first five years after enforcement.
    These estimates serve as the baseline data in the deliberation of individual bills to verify their financial feasibility and discuss better policy alternatives.

    In addition, the estimates NABO calculates are used as a starting point to predict mid-to long-term overall fiscal performance indicators such as gross revenue and expenditure, fiscal balance and national debt.

  • Tax System Analysis
    NABO not only conducts research and analysis on major issues in the field of taxation, but also suggests the right direction in which medium to long-term tax policies and system developments should be headed, so that the tax burden on the people is of an appropriate level and taxpayers’ money is not wasted.
  • Mid - to Long-Term Fiscal Projection

    NABO’s mid - to long-term fiscal projection serves as the basis to monitor the directions of fiscal operation and soundness. Based on the economic projection as well as estimates of tax revenue and cost, NABO offers its mid-term fiscal projection on overall fiscal indicators by five years and its long-term baseline projection for the analysis of fiscal fluctuations.

    * Baseline projection: Forecast of gross revenue, gross expenditure, fiscal balance and sovereign debt under the current laws and policies

  • Economic Trend Monitoring & Outlook

    NABO monitors and predicts economic trends and reviews major risk factors, thus helping the Korean economy achieve stable growth amidst changes in the economic environment at home and abroad.

    NABO provides its independent macro-economic forecast including growth rate, and tracks economic trends in major areas, such as finance, industry, employment, trade and the asset market. These data are offered to support legislative activities.

    Moreover, NABO reviews mid- to long-term economic growth strategies and studies proactive measures to address the transformation of the economic structure due to the fourth industrial revolution and the aging population.

  • Analysis of Economic Impact

    NABO analyzes the impact of economic policy and fiscal spending. Its findings are used to evaluate the validity and performance of the policy.

    To further objective and reliable analysis, NABO develops and operates various economic models for the quantitative analysis of economic impact.

  • Requests for Research & Analysis

    NABO conducts studies and analyses on fiscal and economic issues requested by a committee or member of the National Assembly.