South Korea’s National Liabilities Reach 2,772 Trillion Won—but What Does the Number Really Mean?
South Korea’s total national liabilities reached 2,772 trillion won at the end of 2025, raising new concerns about the country’s long-term fiscal health. The figure increased by 186.3 trillion won, or 7.2%, from the previous year. Compared with 2011, when the government first submitted its national financial statements to the National Assembly, national liabilities have increased by approximately 1,998 trillion won over 14 years. On paper, South Korea still had positive net assets of 821.5 trillion won. However, an analysis by the National Assembly Budget Office found that the country’s net asset position would fall to negative 636.5 trillion won if assets held by the National Pension Service were excluded. The figures do not mean that South Korea is facing immediate bankruptcy. They do, however, highlight the importance of managing government borrowing, fiscal deficits and future pension obligations over the long term. AI-Generated Image South Korea Recorded a Fiscal Deficit i...