NABO Fiscal Trends and Issues(2018 Summer Edition)
I. Key Fiscal Indicators
The progress rates of total revenue and total expenditure up to May 2018 are 47.8% and 47.5%, respectively. Also, the consolidated central government balance (in the form of an 8.7 trillion Korean won surplus) decreased by 2.6 trillion won YoY up to May 2018, and central government debt (669.1 trillion won) increased by 41.7 trillion won since the end of 2017, due to reasons such as increased treasury bond issues.
Ⅱ. Major Fiscal Issues
Major fiscal issues of the second quarter of 2018 include the release of Employment and Income Support Measures for the Low-Income Class, the announcement of Core Initiatives to Address Low Birth Rates, the initiation of integrated water resources management, fiscal support status upon the implementation of reduced working hours and the execution performance and budget trends of national R&D programs. The implementation of health insurance contribution system reforms and the Establishment and Operation of an All-Day Child Care System Plan are also some of the key fiscal policies of the second quarter of 2018. In addition, an introduction is made on the announcement of improvement measures for state-owned property management, the fiscal accounting of public institutions in fiscal year 2017 as well as evaluation reports on major fiscal issues.
Ⅲ. Overseas Fiscal Trends
This part provides an introduction to the fiscal policies included in the 2018 Long-Term Budget Outlook released by the US Congressional Budget Office, the development aid (ODA) statistics for 2017 released by the OECD and the EU Budget for 2019.