Fiscal Assessment - South Korea

Abstract:     
South Korea is one of the most developed nations in Asia, being the fourth largest economy and the 12th largest in the world, in terms of GDP (PPP) as of 2007. The nation’s GDP per capita has grown from only $10,000 in 1995 to a fully developed $25,000 in 2007. This has been referred to as the "Miracle on the Han River". South Korea is still one of the fastest developing developed countries, with an average GDP growth of 5% per year. Like other developed nations, the service sector has grown to comprise roughly about two-thirds of GDP. At the same time, living standards and in particular the education level in South Korea rose exponentially to become equivalent or higher than that of other developed Western European and North American countries, with South Korea's HDI being rated at "High" with 0.912 by the Human Development Index in 2006, owning a 99% adult literacy rate.

This report tries to examine the current situation of South Korea trying to analyze fiscal sustainability and future prospects.

Number of Pages in PDF File: 33

Keywords: South Korea, Fiscal Analysis, Debt Levels, Fiscal Sustainability

JEL Classification: O53, E62, E63, E65

working papers series