The Korean economy is undergoing rapid changes as exemplified by the slower economic growth, rapidly aging population, and the fast growth of private sector. These changes are creating new challenges to fiscal policy-makers. In particular, the declining revenue growth and the rising welfare expenditure will make it even harder to maintain fiscal soundness in the future. Efforts should be made to contain the spending growth and enhance the efficiency of public spending. A system should be established that can guarantee a flexible resource allocation across different areas of spending to satisfy changing needs of the society.
To meet these challenges, the Korean government prepared National Fiscal Management Plan 2004-2008 in 2004. The Plan announced the medium-term macro-fiscal objectives and the government’s intention for future resource allocation. The Plan will be revised every year. (The rest omitted)
재정지출의 생산성 제고를 위한 연구(Enhancing the efficiency and equitableness of public expenditure)
|Series Title; No||정책연구시리즈|
|Subject Country||South Korea(Asia and Pacific)|
|Subject||Economy < Financial Policy|
|Holding||KDI; KDI School|