SEJONG, Feb. 12 (Korea Bizwire) — South Korea’s per capita national debt hit 13 million won (US$11,900), more than double that of 2008 when the country was reeling from the aftermath of the global financial crisis, official data showed Sunday.
The National Assembly Budget Office (NABO) said that as of Saturday, the national debt stood at 671.5 trillion won, up 4.6 trillion won from late last year and 2.2 times greater than the 309 trillion won tallied a decade earlier when the per capita debt stood at 6.31 million won.
It said that, based on the size of the country’s budget for 2018, the total debt could grow to 708.2 trillion won by the end of the year.
“In effect, the national debt is growing by 1.31 million won every second,” NABO said. It said the rise comes as the government increases its welfare-related outlays and injects more money into the economy to bolster growth, meaning Seoul is spending more than it brings in.