Korea's national debt is growing at a rate of 30.5 million won per second.
The national debt per capita has exceeded 17 million won and is expected to rise to 20 million won next year.
According to the 'National Debt Clock' of the Budget Policy Office of the National Assembly today (12th), the national debt, the sum of the central government debt and the local government net debt, is increasing by about 30.5 million won per second at this point.
The Ministry of Budget and Policy predicted the rate of debt increase based on the estimated national debt based on this year's first supplementary budget (additional budget) and the state of central government debt as of the end of February this year.
The total national debt (D1) stands at 912,52,052,135 won as of today (12th) 3:30 pm.
The government presented the national debt at 956 trillion won as of the end of this year at the time of compiling the main budget.
With the first supplementary budget this year, the national debt has risen to 965.9 trillion won.
This means that the national debt, which currently stands at 912 trillion won, will continue to increase by 30.54 million won per second, exceeding 950 trillion won this year.
Korea's national debt, which stood at 60.3 trillion won in 1997, has risen sharply over the years.
In 1990, it was 24.5 trillion won, and in 2000, it reached 111.2 trillion won, breaking the 100 trillion won level.
After that, it increased to 392.2 trillion won in 2010, 591.5 trillion won in 2015, 723.2 trillion won in 2019, and then swelled to 846.9 trillion won in 2020 when the corona crisis hit.
As of 3:30 pm today (12th), the national debt per person was counted at 17,607,627 won.
The steep rise in national debt is not expected to subside anytime soon.
When the government formalized the formation of the second supplementary budget, the government announced that it would use the increased tax revenue without issuing additional deficit government bonds, in which case the national debt will not increase further this year.
However, there is a possibility that additional deficit government bonds may be issued if the payment of national disaster aid, etc., as claimed by the political circles, becomes a reality.
Even if there is no issuance of deficit bonds this year, the increase in national debt is expected to continue after next year, when the COVID-19 crisis is expected to subside.
The government is estimating that the national debt will rise to 127.1 trillion won in 2023 and 1347.8 trillion won in 2024 after exceeding 100 trillion won at 191.2 trillion won next year.
If this is divided by the population estimated by the National Statistical Office, the national debt per capita will rise to 21.05 million won next year, exceeding 20 million won, 23.47 million won in 2023, and 25.98 million won in 2024.