Korea's National Credit debt Surpasses GDP
07 April, 2021
Korea's national debt swelled to W1.99 quadrillion this past year, surpassing the country's GDP for the very first time (US$1=W1,122).
Last year's GDP was 1.92 quadrillion.
The countrywide debt, which includes money the federal government must repay by some period plus government pensions, increased by W241.6 trillion compared to 2019.
The swelling debts was attributed to increased welfare programs and coronavirus relief payouts.
Excluding government pensions, your debt stood for W846.9 trillion, up W123.7 trillion on-year, in comparison to W660 trillion when President Moon Jae-in took office in 2017.
Kim Woo-cheol at the University of Seoul said, "The federal government urgently needs to get started on thinking about bettering fiscal health, but I don't find this happening."
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