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S. Korea's fiscal status to remain in relatively good shape this year: IMF
SEOUL, Feb. 24 (Yonhap) -- South Korea's fiscal status will likely remain in better shape than other major economies this year despite its increased spending over the past year aimed at bolstering its sluggish economy, a report showed Wednesday.
According to the report by the International Monetary Fund, South Korea's fiscal deficit was expected to stand at 2.7 percent of its gross domestic product this year, the fifth best among the Group of 20 emerging and advanced countries.
Saudi Arabia ranked first with a surplus of 10 percent, trailed by Brazil, Indonesia and Argentina posting shortfalls of 1.2 percent, 2.1 percent and 2.4 percent, respectively. The average fiscal deficit for G-20 countries were projected at 6.9 percent.
The United States, Japan and Britain, however, were expected to post 10 percent or higher deficits compared with their GDPs this year, the report showed.
The report was announced amid increasing fears that debt woes in some European countries could undercut the nascent economic recovery in the rest of the world.
South Korea has expanded spending over the past year in a bid to help bolster domestic demand and ease the overall economic downturn, raising anxiety over increased debts and worsening fiscal status.
Korea's national debts were expected to stand at 39.4 percent to GDP this year, much higher than the corresponding ratios of 7.7 percent and 12.5 percent for Russia and Saudi Arabia, the report showed.
It is still lower than the G-20 average debt ratio of 80.2 percent. The United States and Japan were expected to see their debt-to-GDP ratios surge to 93.6 percent and 227 percent, respectively, according to the report.
kokobj@yna.co.kr
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