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An evaluation of fiscal sustainability in Korea

In: Fiscal Accountability and Population Aging

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  • SeongTae Kim

Abstract

Despite well-managed fiscal soundness in Korea, concerns about fiscal sustainability is expanding as government debt continues to increase and the population is rapidly aging. Population aging is expected to weaken growth potential, and deteriorate fiscal soundness, implying that Korea’s fiscal space would be rapidly depleted and consequently be unlikely to guarantee its sustainability. The fiscal sustainability gap is forecast to gradually deteriorate With rapid aging, fast-growing mandatory spending and weakening revenue base, fiscal reforms should be undertaken as soon as possible to reduce spending, expanding the tax base and reinforcing the growth potential.

Suggested Citation

  • SeongTae Kim, 2021. "An evaluation of fiscal sustainability in Korea," Chapters, in: Robert L. Clark & YoungWook Lee & Andrew Mason (ed.), Fiscal Accountability and Population Aging, chapter 2, pages 13-34, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:19940_2
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    Keywords

    Asian Studies; Economics and Finance;

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