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Korea’s 2022 Budget to Push Debt Over 50% of Economy’s Size

  • Korea to raise spending by 8.3% from this year’s initial plan
  • Debt-to-GDP ratio to exceed 50% for the first time in 2022
The Hyundai Seoul Department Store Ahead of CPI
Photographer: SeongJoon Cho/Bloomberg

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South Korea’s smallest budget increase in four years will still push the country’s debt load to a record level of more than half the size of the economy, likely adding to concerns over the sustainability of unprecedented pandemic spending.