Republic of Korea is the top country by general government structural balance in the world. As of 2021, general government structural balance in Republic of Korea was 4,936 billion LCU that accounts for -0.43% of the world's general government structural balance. The top 5 countries (others are Angola, Russian Federation, Dominican Republic, and Hong Kong) account for -0.59% of it. The world's total general government structural balance was estimated at -1,159,936 billion LCU in 2021.
The description is composed by our digital data assistant.The structural budget balance refers to the general government cyclically adjusted balance adjusted for nonstructural elements beyond the economic cycle. These include temporary financial sector and asset price movements as well as one-off, or temporary, revenue or expenditure items. The cyclically adjusted balance is the fiscal balance adjusted for the effects of the economic cycle; see, for example, A. Fedelino. A. Ivanova and M. Horton "Computing Cyclically Adjusted Balances and Automatic Stabilizers" IMF Technical Guidance Note No. 5, http://www.imf.org/external/pubs/ft/tnm/2009/tnm0905.pdf.
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