KIEP "COVID-19 Shock: France Most Vulnerable... High Service Sector Share, External Dependence, and Debt Ratio"
[Sejong=Asia Economy Reporter Joo Sang-don] An analysis has emerged that France may suffer the greatest economic shock among major countries due to the novel coronavirus infection (COVID-19).
On the 12th, the Korea Institute for International Economic Policy (KIEP) stated, "The quality and accessibility of healthcare are key factors in assessing vulnerability to the spread of COVID-19, but countries with a high proportion of service industries, high external dependence, and high government debt ratios are relatively more vulnerable," adding, "Among major countries, France shows relatively high levels in all three indicators."
According to KIEP, regarding the proportion of service industries, among advanced countries, the United States (77.4%), the United Kingdom (70.9%), France (70.3%), and Japan (69.1%) have high levels, while among emerging countries, Brazil (63.1%) and the Philippines (59.9%) show relatively high levels.
In terms of external dependence, among advanced countries, France (87.7%) and Germany (86.9%) are high, while among emerging countries, Vietnam (200.4%), Malaysia (133.2%), and Thailand (122.5%) are relatively high.
Regarding government debt ratios, Japan (235.0%), Italy (134.8%), the United States (106.0%), France (98.4%), Spain (98.1%), and the United Kingdom (87.1%) rank high, with most advanced countries showing high levels except Germany (65.2%) and Korea (40.1%). Among emerging countries, Brazil (83.2%), India (67.8%), Vietnam (58.2%), and Malaysia (54.4%) show relatively high levels.
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Jung Young-sik, head of KIEP's New Southern Policy Economic Office, said, "If the spread of COVID-19 does not subside, the downward shock to external demand from other countries could negatively affect countries with high external dependence through trade and global economic supply chains," adding, "Countries with high government debt ratios have limited policy capacity to implement fiscal stimulus measures through expanded government spending."
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