2023-07-05-彼得森经济研究所-在新冠肺炎疫情期间_韩国的财政账户表现如何_（英）_16页_260kb

POLICY BRIEF Summary

Key Findings

Fiscal Policy Responses

1. 📍 Korea adopted the typical advanced-economy measures: large household/business transfers, public health spending, and temporary tax deferrals.
   • Total fiscal support (2020-21): ~6.4% of GDP 💰📊.
   • Unforeseen Impact: Strong equity & property markets boosted revenues, reducing the deficit impact despite high spending.

Economic Performance

✅ Korea's GDP growth (1.7%, average 2020-21) was significantly stronger than the median (-0.4%) due to:

• Foreign demand for exports 🚚⏩.
• Effective COVID responses: Low death rates (0.1 per thousand) and less restrictive mobility policies (Oxford Index: 51.9).

Fiscal Balance Changes

• Lesser-than-average fiscal balance decline (gross debt: 0.4pp vs median -2.9pp).
• Cash policy spending equivalent to medians, but tax revenues surged due to booming asset markets.

Expert Commentary

✔ High export reliance mitigated the crisis; low public debt left fiscal space.
😕 Aging demographics pose long-term challenges and threaten fiscal sustainability.

Data Highlights

{'Fiscal Support': 6.4% GDP,  'COVID Deaths': 0.1/1000, 'GDP Growth': '1.7% (2020-21 Average)'}  

Conclusion: Korea's fiscal response was standard yet buoyancy in revenues offset spending, reflecting impactful external factors.