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Biz News Korea(Eng)
S. Korea’s national debt tops $1.25tn due to growing pension burden
- Collected
- 2017.04.04
- Distributed
- 2017.04.06
- Source
- Go Direct
Central and local government debt, dubbed D1, totaled 627.1 trillion won last year, representing 12.24 million won per person.
The country’s national asset came to 1,962.1 trillion won and national debt 1,433.1 trillion won under the accrual basis of accounting, leading to a net asset of 529 trillion won, down by 34 trillion won from a year ago.
The increase of national debt last year is composed of 38.1 trillion won worth new state bonds issued and an addition of 92.7 trillion won in the estimated value of pensions to be paid to government and military retirees. The current value of future pension payments to public officials jumped to 752.6 trillion won, accounting for more than half of the total debt last year. One big reason for the surge is the discount rate which gets lower when market interest rates are low.
Last year’s central and local government debts totaled 627.1 trillion won in a cash basis accounting, up 35.7 trillion won from a year ago. It is the first time for such debts hit the 600 trillion won mark. It accounted for 38.3 percent of the country`s GDP last year, up 0.5 percentage point from a year earlier, but down 1.0 percentage point from the proposed 2016 budget plan (39.3 percent).
By Kim Gyu-sik
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]