South Korea: Government debt

The latest value from 2023 is 46.9 percent, an increase from 45.9 percent in 2022. In comparison, the world average is 61.85 percent, based on data from 137 countries. Historically, the average for South Korea from 1990 to 2023 is 24.31 percent. The minimum value, 1.7 percent, was reached in 1998 while the maximum of 46.9 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: Debt is the entire stock of direct government fixed-term contractual obligations to others outstanding on a particular date. It includes domestic and foreign liabilities such as currency and money deposits, securities other than shares, and loans. It is the gross amount of government liabilities reduced by the amount of equity and financial derivatives held by the government. Because debt is a stock rather than a flow, it is measured as of a given date, usually the last day of the fiscal year.