South Korea’s national debt rose around 10% in 2022 from a year earlier amid increased spending to cope with the COVID-19 pandemic, data showed Tuesday.
The sovereign debt, which covers bond sales and financial borrowing by central and provincial governments, amounted to 1,067.7 trillion won ($813 billion) last year, up 97 trillion won from the previous year, according to a report on the 2022 national settlement, cited by Yonhap News Agency.
The debt-to-GDP ratio came to 49.6% last year, up from 46.9% tallied in 2021.
According to data, the government’s total revenue amounted to 617.8 trillion won last year, up 8.2% from a year earlier. Its total expenditures rose 13.5% on-year to 682.4 trillion won in 2022, following the country’s increased pandemic-related spending.
South Korea implemented two rounds of extra budget in 2022 to cope with the pandemic, each estimated at 16.6 trillion won and 55.2 trillion won. (QNA)
Source: Qatar News Agency
