The National Assembly Budget Office held the Fiscal-Economy Joint Academic Conference in celebration for the opening of the 21st National Assembly under the theme of “Diagnosing Korean economy and the direction of fiscal policy” on Thursday July 16th, 2020, at the Member’s Office Conference Hall.
It is the first academic conference NABO held jointly with the Korean Economic Association, the Korean Academic Society of Taxation, the Korean Association of Public Finance, the Korean Association for Policy Studies, and the Korean Association for Public Administration. The conference aims to serve as a venue to seek ways to restore economic vitality and come up with policies that increase financial efficiency and sustainability.
The conference began with the words of encouragement by Park Byeong-seug, Speaker of the National Assembly, welcoming remarks by Lee In-ho, president of the Korean Economic Association, and opening remarks by Lee Jong-hoo, Chief of NABO.
In his words of encouragement, Speaker Park Byeong-seug pointed out that “the recent global economy has a lot of difficulties such as the continuous decline in potential growth rate and the economic downturn caused by COVID-19 pandemic”. He also added, “I look forward to this conference becoming a compass in the era of uncertainty.”
Following the opening ceremony, three sessions were conducted in sequence: “Restructuring and Response Strategy of the Korean Economy”, “Direction of Administrative and Fiscal Reform” and “Direction of Fiscal and Tax Policy”. In each session, the panels actively debated on the issues that need to be discussed in the newly launched National Assembly: Korean economy's structural changes and sustainable growth strategies, fiscal expenditures and restructuring plans of public institutions, the direction of fiscal policy to overcome the COVID-19 crisis, fiscal projections for the 4 major public pensions, and tax reforms in 4th Industrial Revolution and the economic transition period.
At the end of the joint academic conference, Lee Jong-hoo, the Chief of NABO said, “I hope this conference serves an opportunity for the 21st National Assembly and the academic community to communicate actively”. He also emphasized that “NABO will actively support legislative activities by researching and analyzing major fiscal policy issues by cooperating with the academic associations”.