2020 Budget Proposal Analysis Series
Published in October 2019
Published by Budget Analysis Department
On September 3rd, the Korean government submitted to the National Assembly its 2020 budget proposal of 482 trillion Korean won in total revenues and 513.5 trillion Korean won in total expenditures. In order to proactively address the downside risks stemming from the US-China trade dispute and Japan’s export regulations, plans have been laid out for active fiscal expansion in the medium term via the National Financial Management Plan from 2019 to 2023, while increasing the total expenditure budget by 43.9 trillion won (9.3%) from the previous year. Consequently, the balance of consolidated public sector finance is expected to turn to a structural deficit from next year. As the role of government finance expands, the role of the National Assembly is also becoming ever more important as it must examine the effectiveness of individual programs as well as the sustainability of government financing.
NABO has published the 2020 Budget Proposal Analysis Series in order to support the National Assembly’s in-depth examination of the 2020 budget plan. This is composed of General Analyses, Committee-Specific Analyses, Analyses of Public Institution Budget Proposals and Analyses of Notes on Gender-Sensitive Budgets.
General Analyses provides an overall fiscal analysis with a status report focusing on fiscal soundness and the National Financial Management Plan, while examining key policy initiatives such as innovative growth as well as those related to enhancing economic vitality and reinforcing the foundation for an inclusive nation.
Committee-Specific Analyses is conducted to individually examine the effectiveness and necessity of major budget increases and outstanding programs at each Ministry, while proposing recommendations for improvement.
Analyses of Public Institution Budget Proposals examines agency-specific budget proposals created to support public institutions through various forms such as subsidies and contributions. In Analyses of Notes on Gender-Sensitive Budgets, an in-depth analysis of gender-sensitive programs is provided to further facilitate deliberation procedures at the National Assembly.