South Korea's fiscal deficit forecast has ballooned to nearly 71 trillion won following a 17 trillion won supplementary budget drawn up this year.

The figure is close to the record deficit of 71-point-two trillion won recorded in 2020, the first year of the COVID-19 pandemic.

That number will rise further if another supplementary budget is drafted after the presidential election, with leading candidates pledging to increase pandemic-related spending.

According to the Finance Ministry on Monday, the projected fiscal deficit, or total spending subtracted from total revenue, has risen to 70-point-eight trillion won.

The figure is an estimate, and the actual deficit could be smaller as was the case in 2020 and likely last year as well. In 2021, the deficit was estimated to top 90 trillion won, but after accounts are settled, the figure is expected to plunge to the 30 trillion won range, thanks to much larger than expected tax revenues.

Also this year, if another supplementary budget of some 50 trillion won materializes after the election -- as some candidates are vowing -- the deficit could reach 120 trillion won.