The 8th Global Fiscal Forum
September 5, 2019
From September 5 to 6, the Ministry of Economy and Finance (MOEF), in conjunction with the Organisation for Economic Cooperation and Development (OECD) and Korea Development Institute (KDI), held the 8th Global Fiscal Forum under the title “Towards Fiscal Innovation in the Platform Era” at Millenium Seoul Hilton.
Under the recognition that the paradigm of policy building and resource allocation must be transformed in line with the transition towards the platform era, this forum focuses on the followings;
ⅰ) policy operation system based on openness and convergence, ⅱ) fiscal investment and restructuring to uphold economic and industrial innovation, and ⅲ) proactive responses to evolving employment structure.
Session 1 discussed on “Open Innovation Networks to Optimize Resource Allocation.”
Presenters from the UK and Sweden explained their experience with policy lab* through which a number of policy consumers and field experts from various sectors can participate in the process of policy building.
* Policy lab is an institution or organization designed to encourage policy consumers and field experts from various sectors including industry and academia to actively involve in or lead the process for policy planning and building beyond their conventional role as an advisor and information provider.
Presenters from Korea explained policy cases showing Korean government’s efforts to adopt the principles of openness, participation and convergence to the budgeting process in the form of participatory and agenda-specific budgeting.
Session 2 discussed on “Fiscal Innovation for Efficiency and Effectiveness” in response to social changes and economic innovations.
Presenters from international organizations including the OECD introduced their innovative fiscal investment cases for economic and industrial reform as well as diverse efforts to remove inefficient investment.
Discussants from Korea explained that the Korean government’s budget plan for 2020 contains a huge increase in data, network and artificial intelligence, shortened to ‘DNA,’ three key infrastructures needed to stimulate the platform business.
Session 3 discussed on “Future of Work and the Role of Fiscal Policy” expected in the platform era.
Presenters from international organizations including the OECD stressed that investment in human capital can prevent people from falling behind in the fast-changing society.
Presenter and discussants from Korea explained that the Korean government has made tireless efforts to foster innovative human resources prepared for the platform era as well as to concentrate on fiscal investment to strengthen the vocational ability of those in vulnerable employment.
The sum-up session suggested a model for governmental role and fiscal policy that could lead the platform era.
Source: Ministry of Economy and Finance, “Discussions on Fiscal Innovation to Keep Pace with the Transition towards the Digital Platform Era,” press release, Sep. 5, 2019, p.15 (in Korean).