The Republic of Korea and the Organisation for Economic Co-operation and Development (OECD) will discuss the role of fiscal policy in responding to complex structural crises and future financial strategies.
On September 29, the Ministry of Economy and Finance announced that it will co-host the 14th Korea-OECD International Fiscal Forum with the Korea Development Institute (KDI) at the OECD headquarters in Paris from September 30 to October 1. This year's forum, marking the 30th anniversary of South Korea's OECD membership, is themed 'Preparing for the Future Beyond Crisis.'
The forum will address the role of fiscal policy in responding to various structural crises, including supply chain disruptions due to geopolitical risks, economic and social shocks from the transition to artificial intelligence (AI), climate change, and low birth rates coupled with an aging population. Participants will share fiscal policy examples from South Korea and major OECD member countries and explore policy challenges to prepare for the future.
The South Korean government will present its fiscal policy achievements and capabilities, as well as outline strategic investment directions for the 2027 budget aimed at establishing a new growth foundation. Financial officials from key countries, including the United States, Canada, Sweden, Finland, Australia, and New Zealand, will also share their respective fiscal policy experiences.
Deputy Minister Cho Yong-beom will hold a bilateral meeting with OECD Chief Economist Stefano Scarpetta to discuss global fiscal issues and policy cooperation. During this meeting, they will explain the key elements of the largest-ever 2027 budget and the government's efforts to ensure fiscal sustainability through strong expenditure restructuring and the establishment of a future response fund.
The forum will feature opening remarks from Deputy Minister Cho, a welcome address from OECD Deputy Secretary-General Yasushi Masaki, and congratulatory messages from Ambassador Baek Tae-woong, South Korea's Permanent Representative to the OECD, and KDI President Kim Se-jik.
On the first day, the forum will consist of three sessions: fiscal policy for growth and structural transformation, fiscal management in times of crisis, and overcoming future fiscal challenges. The second day will focus on a comprehensive discussion on 'Fiscal Policy Directions for Sustainable Growth and Future Preparedness.'
The first session will cover fiscal policies for social and economic transformation and growth in countries like Canada, Australia, and New Zealand. The second session will discuss the role of fiscal policy in crisis situations. Lee Tae-seok, head of KDI's Fiscal and Social Policy Research Division, will present South Korea's proactive fiscal measures, including the rapid formulation of a supplementary budget in response to the geopolitical crisis in the Middle East earlier this year.
The third session will share South Korea's fiscal strategy that promotes both strategic investment and fiscal soundness. Oh Hyun-kyung, head of the Fiscal Sustainability Division, will introduce the policy direction of South Korea, which aims to secure fiscal soundness while pursuing strategic investments for growth, and discuss solutions to common fiscal challenges faced by OECD member countries.
The Ministry of Economy and Finance plans to use this forum to share South Korea's achievements in fiscal innovation and proactive fiscal management while continuing international discussions on the role of fiscal policy amid structural crises.
* This article has been translated by AI.
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