On Thursday, December 8, the National Assembly Budget Office (Chief Cho Euysup) held an annual consultation with the ASEAN +3 Macroeconomic Research Office (AMRO) to discuss economic trends and prospects in Korea.

The meeting was attended by seven members from AMRO, including Director Li Kouqing and consultation team head Kevin, C. Cheng, as well as five representatives from NABO, including Assistant Chief for Planning and Management Im Myunghyun, Director of Tax Analysis 2 Division Baek Kyung Yeop, and Director of Macroeconomic Analysis Division Choi Young-il. During the consultation, the participants discussed the 2022 budget operation and tax reform, the 2023 budget proposal, and fiscal rules.

AMRO Director Kouqing said, “We are pleased to hear from experts at NABO about Korea’s financial situation and risk management, and it would assist in understanding and forecasting the economic situation in Korea.”

AMRO, which is based in Singapore, is an international organization comprising Korea, China, Japan, and 10 ASEAN countries (Laos, Malaysia, Myanmar, Vietnam, Brunei, Singapore, Indonesia, Cambodia, Thailand, the Philippines), with the goal of conducting macroeconomic and fiscal surveillance and preventing crises in the region. NABO has been holding annual consultations since 2017 at the organization’s request.