NABO Fiscal Trends &Issues (Vol. 4, Issue. 15, 2020)
Published on Dec., 31, 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 October, 2020 are 87.0% and 84.5%, respectively. In addition, up to October 2020, the consolidated fiscal balance (a 59.0 trillion won deficit) rose by 47.6 trillion won YoY in deficit and central government debts (812.9 trillion won) as of the end of October, 2020 grew by 113.9 trillion won compared to the settlement of accounts in FY 2019, mainly due to a hike in the balance of treasury bonds (110.1 trillion won).
Ⅱ. Major Fiscal Trends
The following have been selected as major fiscal issues in the fourth quarter of 2020, and their main contents were introduced, focusing on financial matters: ‘Results of the Review by the National Assembly of the Budget Bill for 2021,’ confirmation of ｢Basic Plans for Strengthening Competitiveness of Materials, Parts and Equipment Industries｣, announcement of ｢Green Startups and Ventures Promotion Plans｣, announcement of ｢2021 National R&D Performance Evaluation Implementation Plans｣, announcement of the ｢7th Technology Transfer and Commercialization Promotion Plans｣, announcement of ｢Follow-up Measures to Strengthen Support for Attracting High-tech Research Fields to Korea｣, announcement of the ｢Comprehensive Plans for SME Promotion (2020-2022)｣ - all as part of the "Basic Plans and Trends related to Future Growth Engines"; Announcements of the ‘Results of Statistical Analysis of the 1st COVID-19 Emergency Employment Stability Grant Recipients,’ ‘Expansion of the Budget for Four Social Safety Nets in 2021,’ the ｢Proposal of Ten Policy Initiative Drafts for Future Education post-COVID-19｣, ‘2020 Fiscal Analysis Results of Local Governments,’ ‘Enforcement of Alternative Military Service System,’ ‘Measures to Prevent Overwork by Delivery Persons,’ ‘Submission of ｢Mid- to Long-term Fiscal Management Plans｣ for Public Institutions in 2020~2024, ‘Trends of Operation of Fiscal Rules in Major Countries,’ and ‘Confirmation of the 2021 Government Budget Bill by the Japanese Government,’ ‘Comparison of Economic and Fiscal Policy Commitments between 2020 US Presidential Candidates.’
Ⅲ. Major Fiscal Issues
As major fiscal issues for the fourth quarter of 2020, “Announcement of the ｢Strategies for Expansion of Future Vehicles and Market Dominance｣” was selected, and major contents were introduced focusing on fiscal matters.