National Debt Swells to W813 Trillion

  • By Choi Jong-seok

    December 09, 2020 12:02

    Korea's sovereign debt has soared to a record W813 trillion due to a massive increase in government spending in four supplementary budgets this year (US$1=W1,086).

    According to the Ministry of Economy and Finance on Tuesday, the country's debt stood at W812.9 trillion at the end of October, up W12.6 trillion in just a month and W114.3 trillion compared to a year ago.

    The government's total revenue including taxes during the first 10 months of this year stood at W409.5 trillion, up W3.3 trillion on-year. But total spending soared W50.9 trillion to W468.5 trillion. That is largely because of four supplementary budgets this year totaling W66.8 trillion that were supposed to mitigate the economic impact of the coronavirus pandemic.

    The ministry promised to cap the nation's debt at W846.9 trillion this year, but it already reached 96 percent of that in October.

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