The country’s debt-to-gross domestic product (GDP) ratio is expected to be near 58 percent in 2028, making it the second highest among non-key currency countries.

In its Fiscal Monitor released this month, the International Monetary Fund predicted that South Korea's general government debt, or D2-to-GDP ratio, will reach 57-point-nine percent in 2028.

This marks the second highest level after Singapore among eleven non-key currency countries.

D1 covers debts by the central and provincial governments, and D2 is a broader government debt that includes D1 as well as the debt of non-profit public institutions. The IMF and the Organization for Economic Cooperation and Development usually use D2 when comparing the debt of each country.

South Korea's D2-to-GDP ratio exceeded 40 percent in 2015 and surpassed 50 percent in 2021.

Among the 37 countries classified by the IMF as developed countries in this report, non-key currency countries refer to those that do not hold the eight major currencies, including the dollar, euro, and yen.