South Korea's national debt hit record high last year

South Korea's Ministry of Finance stated that the national debt will reach 1,126.7 trillion won (HKD 6.45 trillion) in 2023, a record high, and the debt-to-gross domestic product (GDP) ratio has exceeded 50% for the first time.

The South Korean government reviewed and approved the national settlement report for the 2023 fiscal year. The report shows that last year, the national debt increased by 59.4 trillion won, or 5.56% year-on-year, to 1,126.7 trillion won, of which the central government debt increased by 5.72% to 1,092.5 trillion won. Preliminary verification shows that local government debt increased by approximately 0.88% to 34.2 trillion won.

South Korea's national debt will exceed 1,000 trillion won in 2022, reaching 1,067.4 trillion won, a year-on-year increase of 9.96%. The Ministry of Finance stated that as fiscal deficits continue to accumulate, government debt has also increased year by year.

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