Global Macro Service > Research Briefings > South Korea

Fiscal health set to deteriorate over medium term

Record fiscal stimulus in 2020 to soften the impact of the COVID-19 pandemic will widen the budget deficit to 4.4% of GDP this year from the 0.6% deficit recorded in 2019. However, we forecast the budget deficit to narrow slightly to 3.6% of GDP in 2021, implying modest fiscal tightening.

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