[ad_1]
The government’s fiscal burden, including the national debt, is expected to rise further as ruling and opposition politicians, who have cut their government draft budgets each year, agree to organize next year’s budget to a full 558 trillion won, an increase of 2.2 trillion won from the government draft. It has been 11 years since 2010 that the budget has increased more than the government plan.
Until April this year, until the second supplemental budget was formed for the first emergency disaster support payment, the government financed a significant portion of the total resources required through reductions in the existing budget to minimize the financial burden. However, as fiscal capacity is increasingly depleted and dependent on the issuance of government bonds, the issuance of government bonds worth more than 2 trillion won since the beginning of the year is expected to further accelerate the fiscal crisis.
According to the Ministry of Strategy and Finance on day 1, when the government presented a budget for next year at the end of August, tax revenues were slow next year, while expenditures increased and the fiscal deficit reached 10.97 trillion won and the national debt is expected to reach 945 trillion won next year. However, after executing the fourth supplemental supplement for the second disaster aid payment, etc., additional debts of 7.5 trillion won were accumulated. Government debt is expected to reach 955 trillion won as the ruling and opposition parties decide to increase next year’s budget by a net 2.2 trillion won and fund it with government bonds for economic stimulus measures. as the third disaster grant to be paid early next year. According to the government budget earlier this year, the national debt at the time was 805.2 trillion won, which means it has increased by 150 trillion won in just one year. The deficit government bond scale was also planned to be 89 trillion won next year, but it is expected to exceed 90 trillion won by adding 2 trillion won as a disaster support fund. The national debt ratio was only 39.8% of gross domestic product (GDP) at the beginning of this year, but it will approach 50% next year.
The problem is that this is not the end. Moving forward, if the fourth and fifth pandemics appear next year and social distancing strengthens as the spread of Corona 19 is not detected early in the future, there is a high possibility that financial requirements for damage assistance will increase. drastically, like the fourth supplemental administration this year and this budget increase. . If Corona 19 becomes a polarity by the end of next year and the supply of vaccines is delayed than expected, the government debt is very likely to exceed 1,000 trillion won by the end of next year as politicians will release money. repeatedly.
Meanwhile, whenever politics talks about disaster subsidies, Hong Nam-ki, Deputy Prime Minister of Economy and Minister of Equipment, once a “worried mode”, also seems to accept this time. Vice Premier Hong posted a Facebook post that day, saying, “I will process the budget for 2021 in plenary tomorrow and execute it immediately from January 1 next year.” Vice Premier Hong added: “It is inevitable to provide additional support in accordance with the third extension of Corona 19,” he added.
[이지용 기자][ⓒ 매일경제 & mk.co.kr, 무단전재 및 재배포 금지]
