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Title Vol. 21 Diagnosis of revenue conditions caused by the COVID-19 crisis based on revenue flow characteristics by economic crisis (English Edition)

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Rising concerns

* With the global spread of COVID-19, the overall economy shifted to a crisis phase accompanied with a decline in revenue flow.
  - National tax revenue from January to April decreased by 7.9% (-8.7 trillion won) from the same period last year.

* As uncertainties increase across the economy, it is difficult to predict the depth and duration that the economic shock will have on revenue conditions.
  - In general, major institutions expect a modest recovery of the economy in the second quarter at the earliest, but there are various opinions about the speed and path of recovery.

* We will look at the characteristics of revenue flows by economic crisis and draw implications for the direction of revenue conditions caused by the COVID-19 crisis.
  - The Korean economy experienced a remarkable decline in the revenue growthrate due to the impact of two economic crises: the Asian Financial Crisis (1997-1998) and the Global Financial Crisis (2008-2009).

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