Korea's fiscal soundness is one of the most sustainable among member nations of the Organization for Economic Cooperation and Development (OECD), a recent report by the Paris-based body showed Sunday.
According to the report unveiled by Seoul's finance ministry, South Korea belongs to eight OECD member countries that do not need to take measures to cut spending or to make their fiscal health sounder.
The eight nations include Australia, Norway, Switzerland and Luxembourg.
The ministry quoted the OECD report as saying South Korea's fiscal conditions were in good shape even before the outbreak of the 2008 global financial crisis, which doesn't necessitate measures to boost its financial health.
According to the report, the ratio of South Korea's state debt to its gross domestic product rose to 35.9 percent last year from
28.7 percent in 2007.
In contrast, the average percentage for all OECD members soared to 118 percent in 2013 from 80 percent in 2007.
The report said 14 advanced economies, including Japan, the United States, France and Canada, are strongly urged to take actions to improve their fiscal soundness.
The finance ministry said it will reflect the OECD's assessment and suggestions in its fiscal management policy and structural reform plans. (Yonhap)
