New data finds that South Korea's financial deficit is relatively small among advanced economies amid the COVID-19 pandemic. 

The Organization for Economic Cooperation and Development(OECD) said in an economic outlook report on Sunday that South Korea’s general government deficit was estimated to stand at four-point-two percent of the nation’s gross domestic product(GDP). 

The figure was the fourth smallest to be posted among 42 countries, including advanced nations.

The OECD report comes after the International Monetary Fund(IMF) projected in a report in October that South Korea’s government deficit will account for three-point-seven percent of the nation’s GDP to rank second lowest among 34 advanced countries. 

Both figures are smaller than the Finance Ministry’s estimate that the nation’s deficit will amount to some six percent of the nation’s GDP. 

Observers say the reason South Korea’s deficit is relatively smaller than other advanced economies is because many countries are spending significant funds, similar to what they would during wartime, to tackle the COVID-19 pandemic.