All Group of Seven(G7) member nations reduced the ratio of their respective general government debt-to-gross domestic product(GDP) last year.

The Organization for Economic Cooperation and Development(OECD) made the announcement as it released its latest data on Monday. The G7 member states include the U.S., Britain, France, Germany, Japan, Canada and Italy.

The general government debt-to-GDP ratio refers to the percentage of debt held by the government and nonprofit public agencies against the GDP. A drop in ratio reflects the government's recovery of COVID-19 expenditures as more taxes were collected amid the larger economic recovery.

Italy managed to reduce its debt ratio by ten-point-five percentage points to 175 percent, while Canada cut its ratio nine-point-six percentage points to 117-point-three percent.

South Korea, in comparison, saw its debt ratio expand two-point-five percentage points to 47-point-nine percent, despite collecting 61 trillion won in excess tax revenue.

Among the 38 OECD member states, South Korea ranked third in terms of the ratio increase, following Iceland, which posted a ratio expansion of seven-point-five percentage points, and Latvia, with two-point-eight percentage points.