Public Institutions of the Republic of Korea 2023

Published on April 5, 2023
Published by Public Institution EvaluationDivision

   To effectively implement policies, the government designates public institutions in accordance with the ｢Act on the Management of Public Institutions｣. These institutions utilize government support revenue, including subsidies, contributions, investments, and loans, along with their own revenue, to produce public goods such as electricity, gas, and water, as well as implement social welfare services, research and development (R&D) projects, and policy projects.
   In 2023, the revenue and expenditure of designated public institutions total 791.9138 trillion won, as per the 2022 budget. This marks a notable increase of 33.356 trillion won compared to the 2021 settlement, representing a growth rate of 4.4% from the previous year. Such increases highlight the crucial role played by public institutions in the national economy. In particular, public institutions play a key role in areas such as providing policy finance to small business owners, supporting national R&D projects, and advancing new and renewable energy projects, initiatives promoted by the government as major policies. Consequently, the importance of understanding the role of public institutions at the forefront of implementing these major government policies is increasing.
   Accordingly, Part 1 of this report provides an overview of the overall structure of public institutions, delving into the meaning and history of public institutions, management policies, and relevant laws and guidelines. Additionally, Part 2 is further divided to cover the comprehensive status of public institutions, including aspects such as revenue, expenditure, manpower, labor costs, welfare expenses, ESG performance, as well as fiscal status encompassing finances, mid- to long-term fiscal management plans, and debt, and lastly the management evaluation of the public institutions. Furthermore, Part 3 of this report categorizes public institutions based on major characteristics, analyzing them as government-invested public institutions, balance-making institutions, loss-compensating public institutions, R&D-purpose institutions, and financial public institutions.