South Korea’s National Debt Nears 1,500 Trillion Won, with Interest Costs Set to Top 50 Trillion by 2030

South Korea’s national-debt interest bill is projected to exceed 50 trillion won by 2030, reaching 53.3 trillion won under the government’s medium-term fiscal plan. The figure compares with 36.5 trillion won this year and an expected 42.8 trillion won in 2027.

The Ministry of Planning and Budget submitted its 2026-2030 National Fiscal Management Plan to the National Assembly on the 6th. It forecasts interest costs rising from 31.7 trillion won last year to 45.4 trillion won in 2028 and 48.9 trillion won in 2029.

The increase reflects continued fiscal expansion after next year, which is expected to push national debt higher. Government spending is projected at 727.9 trillion won in 2026, 820.9 trillion won in 2027, 894.6 trillion won in 2028 and 957.4 trillion won in 2029.

Spending is expected to pass 1,000 trillion won in 2030, reaching 1,005.2 trillion won. The plan puts the average annual growth rate over the period at 8.4 percent, while national debt is projected to reach 1,413.8 trillion won in 2026.