National debt of South Korea surpasses 6,000 trillion won for first time

Bundles of dollars and yen stacked alongside each other Yonhap — Bundles of banknotes/ Yonhap

SEOUL, March 20 (AJP) - South Korea’s national debt surpassed 6,222 trillion won ($4.27 trillion) for the first time in the third quarter of 2024, reaching approximately 2.5 times the country’s gross domestic product, according to data released on Thursday by the Bank for International Settlements.

The country’s non-financial sector credit — which includes household, corporate and government debt — rose 4.1 percent from a year earlier to 6,222 trillion won as of the third quarter of 2024.

Corporate debt accounted for the largest share at 2,798 trillion won, followed by household debt at 2,283 trillion won. Government debt stood at 1,141 trillion won, according to the data.

Government debt has surged by approximately 120 trillion won, or 11.8 percent, in a year, outpacing the growth rates of corporate and household debt, which increased by 2.9 percent and 2.1 percent, respectively.

Kim Dong-young davekim0807@ajupress.com

National debt of South Korea surpasses 6,000 trillion won for first time

Related

South Korea's growth could sink to 1 percent, British firm warns

BOK cuts 2025 growth forecast, citing negative impact from martial law

BOK lowers key rate by quarter point