South Korea's government debt growth over the past five years was two-point-five times faster than that of major countries.

According to the government on Sunday, the International Monetary Fund (IMF) forecast the country's government debt to gross domestic product (GDP) ratio will reach 54-point-one percent at the end of the year.

It would be an increase of 14 percentage points from 40-point-one percent posted in 2017.

During the cited period, the ratio for 35 major economies increased by five-point-five percentage points from 71-point-six percent to 77-point-one percent, indicating that South Korea's debt growth was two point-five times faster than those of advanced nations.

The IMF projects the ratio of South Korea will rise to 57-point-seven percent in 2027. The Organization for Economic Cooperation Development predicted in its recent report on the South Korean economy that the ratio will reach 150-point-one percent by 2060.