The Korea Times
Korea's national debt is projected to approach 60 percent of its gross domestic product (GDP) by 2030, government data showed Sunday, with the pace of increase widely expected to accelerate amid slowing growth and growing fiscal burdens. The country's debt-to-GDP ratio stood at 49 percent last year, up 3 percentage points from a year earlier, according to the national settlement report from the finance ministry. The increase marks the largest annual gain in five years, after a 5.7 percentage-point surge in 2020, when the economy was hit by the COVID-19 pandemic. According to the national fiscal management plan submitted by the finance ministry to the parliament in September, the country's debt-to-GDP ratio is forecast to rise from 51.6 percent in 2026 to 53.8 percent in 2027, 56.2 percent in 2028 and 58 percent in 2029. Industry observers, however, believe the rise may further accelerate if GDP growth slows this year or fiscal pressures intensify. Major economic organizations have lowered their growth forecasts for Korea this year amid a prolonged conflict in the Middle East. The Organizat
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