The Korean government has managed the ratio
of government debt to gross domestic product (GDP) within 40%.
The government debt ratio is expected to remain at 39.5%
even if this year's supplementary budget is formulated.
Government debt ratio to gross domestic product (GDP) .
Ministry of Planning and Finance
|
|
2018 |
2019 |
2020 |
2021 |
2022 |
|
Government debt |
680.7 Trillion won |
731.8 Trillion won |
781.7 Trillion won |
833.9 Trillion won |
888.7 Trillion won |
|
Nominal GDP |
11782.3 Trillion won |
1851.8 Trillion won |
1937.9 Trillion won |
2030 Trillion won |
2126.5 Trillion won |
|
GDP |
38.2% |
39.5% |
40.3% |
41.1% |
41.8% |
However,
The Ministry of Planning and Finance,
which is the fiscal authority, predicted that the government debt ratio
would rise to 40.3% in 2020, reaching 41.1% in 21 and 41.8% in 22.
Members of the Organization for Economic Co-operation and Development
( OECD ) use 60% of the government debt ratio and 3%
of the budget deficit as the basis for fiscal soundness.
Needless to say, developed countries
such as the United States, Japan, France, and the United Kingdom
have government debt ratios exceeding 100% and have not met the standards.
Although Korea has a much lower government debt ratio
than developed countries, there are special circumstances
that are particularly concerned about breaking the line of 40%.
Korea, which relies on exports,
can not maintain its international credibility
without thoroughly maintaining its financial soundness.
If government debt rises sharply,
it will lead to a decline in the national credit rating
and a decline in external creditworthiness .
Credit rating deterioration leads to economic crisis .
In addition,
since the won is not an internationally accepted currency like the dollar
or the yen, it is difficult to secure foreign currency in case of emergency.
Although Japan's government debt ratio exceeds 200%
and major European countries also exceed 100%,
these countries have no problem in raising the dollar .
On the other hand, if financial instability occurs in Korea,
it will be difficult to borrow the dollar immediately.
The same was repeated during the 1997 currency crisis
and the 2008 global financial crisis .
Also,
all debts of government-affiliated companies must be the responsibility
of the government.
Financial experts
"Korean government debt , including government-affiliated companies,
is already slightly above 60 percent, " he said.
It is the pace of increase in government debt that drives such concerns.
The annual average growth rate of government debt in 2000-16 is 11.6%,
the fourth fastest among OECD member countries.
According to the National Budget Office,
it is faster than Portugal (8.9 percent), Spain (7.0 percent)
and Greece (4.9 percent) who experienced financial crisis .
The problem is that the declining birthrate and aging population
is the fastest in the world.
If the population declines, tax revenues will diminish ,
and as the population ages,
the welfare expenditures of the government will expand .
Portugal, Spain and Greece are EU back ups.
Korea has no backup.
CanTrustKorea'sForeignExchangeReservesTrueOrFal1
外貨準備の虚実 韓国の外貨準備の額は信頼できるのか1
Park Geun-hye administration's debt increase
President Moon who criticized,
Why did you overturn your position
http://www.chosunonline.com/site/data/html_dir/2019/05/20/2019052080011.html
2019/05/20
A statement from President Moon Jae-in that is different
from four years ago .
|
|
Democratic Party Highest Committee Meeting 2015
|
2019 National Financial Strategy Meeting |
|
Government debt ratio |
Park Geun-hye In the administration 40 % line of defense war collapsed The national finances have bottomed out |
" The average of OECD member countries is over 100 %, What is the reason why 40% will be defensive And refusal |
|
Management finance expenditure |
Kim Dae-jung started in the currency crisis Converted the management balance to surplus |
'Managed financial balance ( minus 3 % ) Should be maintained at the same level as Emphasize " expansion finance " again |
However,
■ President Moon criticized the debt increase
Looking at the fast record
However, the situation that President Moon criticized
President Moon is 15 years
" Kim Dae-jung , launched during the 1997 currency crisis
The administration turned its management balance to surplus in 2002,
and succeeded to the Roh Moo-hyun administration. "
It compared with the financial situation of Park Geun-hye administration.
The management budget balance is the combined budget balance,
which is the difference between all government expenditures and revenues,
excluding the balance of the social security fund such as the national pension,
and is an indicator that indicates the government's substantial financial status.
“The Roh Moo-hyun administration has also made a surplus
and has taken over the Lee Myung-bak administration.
At that time, the remaining tax is ¥ 16,500 billion
( approximately ¥ 1,524 billion, approximately ¥ 13.8 billion) there were"
Both said.
However, President Moon is planning finance department
(equivalent to the ministry) at
If you report that
"the management fiscal balance should be maintained
at the minus 3% level ",
It is said that he emphasized " expansion finance " again .
■ " Warning " for remarks different from the government line
Deputy Prime Minister Hong is not only Deputy Prime Minister
at the National Fiscal Strategy Meeting,
but also the second Deputy Secretary
of Planning and Finance Department Ku Yun-cheol
"We should pay particular attention to the need
for medium- and long-term fiscal consolidation,
so as not to place a heavy burden on future generations."
Reported.
Government sources
"The Ministry of Planning and Finance emphasizes the point
that it will be dangerous if the debt ratio exceeds a certain level ,
taking into consideration future fiscal needs such as aging
and unification problems."
Pointed out.
However,
President Moon compared with OECD member countries
with an average government debt ratio of around 100%.
" Is there a scientific basis? "
It is said that he argued .
The ruling party is
"The Ministry of Planning and Finance has made a kind
of" warning " remark , as it made remarks different
from the Chongdaenwa (Presidential office)
and the governing principle of the ruling party.
He accept that.
Some say that it reflects the dissatisfaction
between the Chongdaenwa and the ruling party
that bureaucrats do not respond positively to government policies.
At the meeting on the same day, the opinion of the deputy prime minister
and the party on the ruling party were also disagreed regarding
the rate of increase in the budget.
The governing party
“Deputy Chairman of the Employment Commission, Lee Moku Hee,
"Don't insist on double-digit budget increase
and support Moon's fiscal expansion policy,
while Deputy Prime Minister Hong mentioned"
single-digit "."
He talked.
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