The consolidated fiscal balance, which shows the state of the country's livelihood, recorded a deficit of more than 10 trillion won for four consecutive years from 2019 to this year.
This is the first time that Korea's consolidated fiscal balance has recorded a deficit of more than 10 trillion won for four years in a row since 1970, when it began compiling the consolidated fiscal balance.
This year, with the supplementary budget (additional budget) organized since January, the projected deficit of the consolidated fiscal balance has already reached 70 trillion won.
If an additional budget is drawn up after the election, the deficit could reach 100 trillion won.
According to the 'Korea Integrated Fiscal Balance' published last year by the Ministry of Strategy and Finance, the consolidated fiscal balance, which was in a surplus from 2016 to 2018, turned to a deficit of 12 trillion won in 2019.
In 2020, when COVID-19 first hit, the deficit grew to 71.2 trillion won.
Although the tally for 2021 has not been completed yet, it posted a deficit of 22.4 trillion won until November.
Based on the second supplementary budget, a deficit of 90.3 trillion won was expected, but the size of the deficit is expected to decrease as revenues increase than expected.
(Photo = provided by the Ministry of Strategy and Finance, Yonhap News)