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Korea's Debt Crisis Looms | South Korea News
Korea’s national debt is skyrocketing, with per-person debt projected to hit over 30 million won by 2028—up from 25 million just a few years ago. Despite rising tax revenues fueled by the booming semiconductor industry, the government is pouring most of that cash into future tech and welfare programs, making it hard to cut back later. The burden of servicing this debt will fall on future generations who had no say in the borrowing. Current debt stands at 1.4 quadrillion won (about 27.4 million won per person), set to climb to 1.5 quadrillion won next year. While tax revenue could jump nearly…
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