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Fiscal Trends and Issues

Title NABO Fiscal Trends & Issues (Vol. 2, Issue. 13, 2020)

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NABO Fiscal Trends & Issues (Vol. 2, Issue. 13, 2020)

Published on July 13, 2020
Published by Social Budget Analysis Division, Budget Analysis Department

I. Key Fiscal Indicators
The progress rates for total revenues and total expenditures up to April 2020 were 34.5% and 39.5%, respectively. In addition, up to April 2020, the consolidated fiscal balance (in the form of a 43.3 trillion won deficit) rose by 17.4 trillion won YoY in deficit and central government debts (746.3 trillion won) as of the end of April, 2020 grew by 47.3 trillion won compared to the settlement of accounts in FY 2019, mainly due to a hike in the balance of treasury bonds (46.6 trillion won).

Ⅱ. Major Fiscal Issues
   Major fiscal issues in the second quarter of 2020, including the “Results of the Review by the National Assembly of the Third Installment of the Supplementary Budget Bill for 2020,” “Submission of the FA 2019 Settlement of Accounts Report to the National Assembly,” “Integrated Implementation of an Agricultural Debit Payment Program into Public Benefit Debit Payment System,” “Trends in Supporting Major Fields in response to COVID-19,” “Integrated Fiscal Scale of Local Governments in 2020,” “Announcement of Major Discussion Results of the Working Group on the 9th Basic Plan for Long-term Power Supply and Demand,” “Discussion of Employment Safety Net Expansion with the Implementation of National Employment Insurance Scheme,” “Reduction and Expenditure Status of COVID-19 Related Health Insurance Premiums,” and “Analysis of Fiscal Account Settlement Status at Public Institutions in FA 2019” were selected, and major issues were introduced mainly on fiscal matters before presenting future challenges and their implications.

Ⅲ. Overseas Fiscal Trends
Major issues related to fiscal policies in key countries were presented, such as “Fiscal Policy Trends in Major Countries in Response to COVID-19” and “Japan Confirmed to Implement the 1st and 2nd Installments of the Supplementary Budget for 2020.”

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