The South Korean central government’s debt is on the rise, according to government data released Monday.
The debt is expected to grow this year to 496.8 trillion won ($464 billion), up 7 percent from 464 trillion won last year, according to a mid-term debt management plan submitted to the National Assembly.
The interest on that debt is an expected 21.2 trillion won, up 12 percent on-year, as state borrowing continues to rise.
This is the first time in the country’s history that interest on debt has topped 21 trillion won, the plan showed.
Given the country’s population of 50.4 million, per capita interest is expected to reach 420,000 won this year.
