South Korea's national debt reached an all-time high of close to one-point-75 quadrillion won last year, due largely to a cut in tax revenue and a rise in outstanding government bonds to cover the fiscal deficit.
According to the settlement of state accounts, reviewed and approved by the Cabinet on Tuesday, the national debt totaled one-point-744 quadrillion won as of the end of 2019, up 60-point-two trillion won from a year earlier.
Government debt, which includes debt owed by local governments, totaled 728-point-eight trillion won, breaking the 700-trillion-won mark for the first time in history.
That is about 14-point-09 million won in per capita debt.
Outstanding government bonds expanded 50-point-nine trillion won from 2018. Tax revenue deficit totaled one-point-three trillion won, while the government's extraordinary expenditures increased ten-point-five trillion won.
Meanwhile, the ratio of the country's government debt to its gross domestic product(GDP) was left nearly unchanged at 38-point-one percent.