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S. Korea's per capita national debt exceeds 14 mln won

All News 09:29 May 10, 2020

SEJONG, May 10 (Yonhap) -- South Korea's per capita national debt has surpassed 14 million won (US$11,500) and is expected to go up due to a spending hike meant to mitigate the economic fallout from the coronavirus outbreak, data showed Sunday.

The data posted on the website of the National Assembly Budget Office showed that the per capita national debt stood at 14.83 million won as of Saturday. In comparison, it was 2.37 million won in 2000.

The office said that South Korea's national debt stood at 769.18 trillion won as of Saturday, a sharp increase from 111 trillion won in 2000.

This data posted on the website of the National Assembly Budget Office shows South Korea's national debt and per capita national debt. (PHOTO NOT FOR SALE) (Yonhap)

South Korea's per capita national debt could rise this year as the government is pushing for a third extra budget worth 30 trillion won in the latest attempt to minimize the economic fallout from the spread of COVID-19.

Last month, the National Assembly approved a 12.2 trillion-won extra budget to fund emergency handouts for households to cope with the economic impact of the coronavirus outbreak.

It is the second extra budget related to the fallout from the virus, following an 11.7 trillion-won one created in March.
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