Korea’s Finance in 2023

Published on March 13, 2023
Published by Budget Analysis Coordination Division

   Since 2004, the National Assembly Budget Office has released its annual publication entitled Korea's Finance, ensuring effective support for the National Assembly in its examination of budgets and settlements through providing the latest fiscal information. The recently unveiled Korea's Finance in 2023 consists of a total of three parts and 27 chapters.
   Part 1 focuses on Korea's fiscal system and major fiscal institutions.This year's publication incorporates specific aspects, including local debts resulting from the payment guarantee responsibility of local governments and national debts incurred bymeasures for stabilizing the foreign exchange market. The analysis on corporate special accounts, among others, has been newly incorporated. In addition, new elements have been introduced, such as the total payroll cost system, which oversees the total payroll budget only for each ministry during the budgeting phase, and national contracts—serving as a precondition for fiscal execution during the budget execution stage. The settlement phase now includes the performance evaluation of fiscal programs under current law.
   Part 2 provides an overview of the 2023 budget and funds, along with the National Assembly's deliberation on the budget proposal. Part 3 analyzes and organizes the financial status and major fiscal programs of the ministries linked to the 17 standing committees.
   More information is also provided through text boxes, such as the generation and disposal of surplus funds from the Bank of Korea, the special account for higher and lifelong education support newly established in 2023, and the quota of civil servants.