Year 2021 Budget Proposal Analysis Series
Published on Oct. 29, 2020
Published by Budget Analysis Department
On September 3, the government submitted a budget for 2021 with total revenues of 483.0 trillion won and total expenditures of 555.8 trillion won to the National Assembly. The government added an additional 43.5 trillion won (8.5%) compared to last year's main budget to promote economic recovery post COAID-19 and provided needed support to the Korean version of the New Deal - a leading national development strategy.
In addition, by implementing the “2020-2024 National Fiscal Management Plan,” it is planning to adopt an expansionary fiscal stance in the medium term. Under these circumstances, as finance plays a strong underpinning role in the national economy, the role of the National Assembly in ascertaining the effectiveness of individual projects, strategic allocation of financial resources, and sustainability of fiscal practices, is becoming more important.
The National Assembly Budget Office has published its, “Year 2021 Budget Proposal Analysis Series” to support the in-depth review of the 2021 budget proposals by the National Assembly. The Series consists of “Comprehensive Analysis,” “Analysis by Committee,” “Analysis of the Budget Proposals of Public Institutions,” and “Analysis of Gender-Responsive Budget Proposals”, and so on.
The Comprehensive Analysis section described the status and analysis of fiscal aggregates, focusing on fiscal soundness and national fiscal management plans, and examined in detail major policy projects such as job creation programs, policy financing projects, and the Korean version of the New Deal.
The Analysis by Committee portion analyzed the effectiveness and necessity, etc. of major budget increase-required projects or pending projects of each government office by individual project units, and presented measures for improvement.
In the Analysis of the Budget Proposal of Public Institutions component, the budget proposals that support public institutions in various forms, such as subsidies and financial resources raised by the government, were examined by each government organization. In the last segment - Analysis of Gender-Responsive Budget Proposals - an in-depth analysis was carried out on gender-responsive projects to help the National Assembly review these budget proposals in a more seamless manner.