National debt hit new record to surpass 50% of GDP in 2023

Korea's national debt last year hit a record high of 1,126.7 trillion won ($826.6 billion), accounting for more than 50 percent of the country's debt-to-gross domestic product.

2024-04-11

Bring the fiscal deficit under control fast

The government has the duty to uphold the fiscal integrity regardless of the challenges at home and abroad.

2023-09-26

Choo insists on discipline as Korea's fiscal deficit jumps

The fiscal deficit jumped 70 percent on year in the first eight months of the year as the government spent heavily on Covid relief and on support for lower-income households, though in the month of August a surplus was achieved.

2022-10-13

71 trillion won fiscal shortfall reported this year through May

The government collected 293.6 trillion won in revenue January through May, up 12.3 percent on year. Spending in the first five months of the year was 342.5 trillion won, up 21.5 percent, in part due to two supplementary budgets.

2022-07-14

Korea logs smaller-than-expected fiscal deficit in 2021

Korea's fiscal deficit is estimated to be sharply smaller than its previous estimate last year on the back of larger-than-expected tax revenue, the finance ministry said Thursday.

2022-02-17

National debt to hit 1,000 trillion won with blowout budget

National debt is expected to exceed 1,000 trillion won for the first time next year. With the government sticking to an expansionary fiscal policy and debt ballooning rapidly, people are likely to pay more in taxes.

2021-08-31

Is Korea mimicking MMT?

“Why worry about fiscal deficit? Money can be printed as much as possible by a government. As long as there are jobless people and idle factories, the government must keep on spending to achieve full employment.” This is the...

2020-09-08

korea joongAng daily