National Debt to Reach $13.5 Trillion by 2060

Korea's low birthrate and its aging society are putting pressure on the country's national budget. These factors could make a tax hike a necessity.

According to a report by the National Assembly Budget Office, if taxes are not increased the national debt will amount to US$13.5 trillion by the year 2060. That's nearly 1.7 times larger than the country's expected GDP in that year, meaning the average Korean would be in about $300,000 of debt.