Korea's record of steady economic growth has created a well-diversified and prosperous economy. We believe the country's long-term growth prospects remain strong despite the disruptions caused by the pandemic. Potential external security threats posed by North Korea continue to weigh on our otherwise strong institutional assessment of Korea. General government deficits are likely to persist in the next two years. However, we expect the government will strive to get back to a fiscal surplus by 2023. Contingent liabilities associated with North Korea and the debts of government-related entities continue to weigh on fiscal metrics. Korea's credible monetary policy regime is a credit strength, supported by the actively traded Korean won and the economy's very strong external balance sheet. The stable
