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Tensions continue between the ruling party and the tax authorities over the payment method of the 4th Disaster Subsidy. Furthermore, while the Democratic Party emphasizes that it has sufficient fiscal capacity, Vice Premier Hong Nam-ki expresses difficulty in expanding subsidies, saying that Narat’s debt growth rate is too high. Reporter Seung-Hwan Kim considered the controversy over Narat’s debt. The conflict between the government and the ruling party over disaster subsidies since the beginning of the year. It is a long-standing conflict between the ruling party and the Ministry of Strategy and Finance, which is trying to protect the country’s barracks, saying that in times of crisis, it is necessary to release finances. ▲ More financial resources than developed countries? In terms of objective indicators, it is true that Korea has more fiscal capacity than the major developed countries. The ratio of national debt to gross domestic product is 40%, less than half the average for the Organization for Economic Cooperation and Development. Even if we look at the IMF statistics, which included more debt than government standards, last year Korea had the lowest national debt ratio among the 11 developed countries in the G20. In particular, even if the quality of the debt is considered, the share of short-term debt with a maturity of less than one year is only 7.3%. The share of government bonds held by foreigners is also at the lowest level compared to major countries, so there is little risk of sudden loss of money. ▲ Is speed the problem? The goal of the Ministry of Strategy and Finance is to keep the national debt ratio within 60%. However, according to the estimates of the Ministry of Information, this year it will rise to 47.3% due to the influence of the Corona 19 supplement, and close to 60% of the Maginot line in 2024. The IMF’s sovereign debt ratio, including the debt of public not-for-profit institutions, exceeds 60% in 2025. When calculated from 2015, it is the ninth largest increase among 37 developed countries in the IMF ranking. There is enough financial space right now, but with unprecedented rapid aging globally and the demand for social assistance is increasing, rising debt for future generations is a difficult problem to pin down. YTN Seunghwan Kim[[email protected]]is.
