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원자재 수출 둔화와 외국인 자금 이탈로 가뜩이나 휘청거리고 있는 브라질 경제에 사상 최고 수준의 가계부채가 또 다른 불안요소가 되고 있다는 경고가 나왔다. 29일 브라질 중앙은행에 따르면 지난 7월 말 현재 연간 가계소득 대비 부채 비율이 45.1%를 기록했다. 이 비율은 중앙은행이 집계를 시작한 2005년 1월(18.39%) 이후 사상 최고치로 8년여 만에 약 3배가 증가했다.
가계부채 비율이 상승한 것은 대출을 통한 주택구입이 증가했기 때문이라고 중앙은행은 설명했다. 원자재 수출 부진으로 경제성장률이 크게 둔화되자 브라질 정부가 내수경기 활성화에 초점을 맞추면서 소비를 위한 대출이 증가했다. 특히 금융기관이 저금리 대출상품을 쏟아낸 것이 가계대출 증가의 배경이 됐다.
브라질 일간지 폴랴데상파울루는 브라질의 소득 대비 부채 비율은 선진국에 비해 아직은 낮은 수준이지만 저축률이 지나치게 낮아 저소득층의 가계부채 위기 가능성이 크다고 보도했다. 브라질의 저축률은 21% 수준으로 중국 38%, 인도네시아 41%, 남아프리카공화국 31% 등 다른 이머징 국가에 비해 현저하게 떨어진다. 가계부채 위기가 고조되면서 브라질 국내총생산(GDP)의 60%를 차지하고 있는 소비가 둔화될 경우 수출로 심각한 타격을 입고 있는 브라질 경제에 ‘엎친 데 덮친 격’이 될 수 있다.
또 과도한 연금 지출, 미미한 인프라 투자, 비대한 정부 등도 브라질 경제의 기초체력을 추가로 악화시킬 수 있는 요인으로 지목됐다. 영국의 경제주간지 이코노미스트는 최신호에서 14쪽에 달하는 브라질 경제 특집을 게재했다. 이코노미스트지는 “브라질 정부는 54세부터 사망시까지 마지막 월급의 70%에 달하는 연금을 지급하는 등 중장년층을 위해 과도하게 지출하고 있다”며 “반면 미래를 위한 투자인 인프라 투자규모는 GDP의 1.5% 수준으로 전세계 평균인 3.8%에 크게 못 미친다”고 보도했다. 장관만 39명에 달하는 정부의 비효율성도 브라질 경제개혁에 근본적인 걸림돌로 지적됐다.
이코노미스트는 “브라질 경제는 풍부한 원자재, 식량자원, 2억명에 달하는 내수시장 등 여러 강점도 갖추고 있기 때문에 지우마 호세프 대통령의 개혁에 브라질 경제의 미래가 달려 있다”고 진단했다.
출처: 서울경제(2013.9.29)