SEOUL: Despite its high financial soundness, South Korea's national debt ratio is expected to rise at the fastest rate among 35 advanced countries over the next five years, according to an International Monetary Fund (IMF) report released on Monday. According to the IMF report, Seoul's national debt to gross domestic product (GDP) ratio will likely reach 66.7 percent in 2026, up 15.4 percentage points from the end of this year.

The expected growth rate is the fastest among the 35 advanced economies defined by the Washington-based international organisation. The average ratio of the 35 countries is expected to fall to 118.6 percent from 121.6 percent over the cited period. The G7 countries, which include the United States, the United Kingdom, France, Germany, Japan, Canada, and Italy, are expected to drop by 3.2 percentage points to 135.8 percent.

South Korea's growth rate is significantly higher than the Czech Republic's 8.7 percent, which is followed by Belgium with 6.3 percent and Singapore with 6 percent. The report was released as South Korea increased its fiscal spending to deal with the aftermath of the coronavirus outbreak.

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