South Korea: Government debt

The latest value from 2024 is 49.81 percent, a decline from 50.54 percent in 2023. In comparison, the world average is 61.97 percent, based on data from 182 countries. Historically, the average for South Korea from 1990 to 2024 is 26.86 percent. The minimum value, 7.81 percent, was reached in 1996 while the maximum of 50.54 percent was recorded in 2023. See the global rankings or world map for that indicator or use the country comparator to compare trends over time.

The government debt in South Korea and other countries is calculated as the total amount owed by the national government to domestic and international lenders. It is reported as percent of GDP so that we can evaluate its magnitude relative to the size of the economy.

Government debt of about 60 percent or less of GDP is not considered a problem. The government can make payments without strain and even has some room to borrow more. If debt levels reach 80-90 percent that may have negative effects on the economy. Debt above 120 percent of GDP is quite detrimental.

Definition: Central government debt as percent of GDP. The source for these data is: Kose, M. Ayhan, Sergio Kurlat, Franziska Ohnsorge, and Naotaka Sugawara. 2022. "A Cross-Country Database of Fiscal Space." Journal of International Money and Finance 128 (November): 102682.