United Future Party "National Debt Rapidly Increasing... Expected to Reach 1000 Trillion Before 2023"

Policy Seminar on 'National Finance' Held

Former President of the Korea Institute of Public Finance, Park Hyung-su, attended the Future United Party policy seminar held at the National Assembly on the 11th and gave a lecture on the topic "Sustainable National Finance! How to Protect It?" / Photo by Yoon Dong-ju doso7@

[Asia Economy Reporter Lim Chun-han] The United Future Party pointed out on the 11th that the national fiscal situation has rapidly deteriorated under the Moon Jae-in administration. They also raised concerns that the national debt will surpass 1,000 trillion won faster than initially expected. According to the government's '2019?2023 National Fiscal Management Plan' released last year, the national debt was projected to exceed 1,000 trillion won by 2023.

Lee Jong-bae, the chairman of the Policy Committee, said at the 'Cider' policy seminar held at the National Assembly Members' Office Building on the morning of the same day, "When the government released the fiscal management plan last year, it projected the national debt to reach 1,000 trillion won by 2023, but I think it might happen even earlier," adding, "This is a time to listen to whether sustainable national finances are possible while carrying rapidly increasing deficit bonds."

The Policy Committee chairman pointed out, "This year, the issuance of deficit bonds has exceeded 70 trillion won. The national debt has surpassed 800 trillion won, and with the 4th supplementary budget, it seems to be close to 850 trillion won," and added, "There are few countries where national debt increases so rapidly. Among OECD countries, we are the second fastest after Greece."

This policy seminar was conducted in the form of a closed lecture by former Korea Institute of Public Finance President Park Hyung-soo on the theme of 'Sustainable National Finances! How to Protect Them? A Microscope Review of Budget Deliberations,' followed by a Q&A session with members of the National Assembly. The United Future Party plans to hold the Cider policy seminar every Thursday to identify livelihood issues and connect them to policy. Additionally, external experts related to current issues will be invited to present, and discussions among attending members will be held. 'Cider' means solving 'social' problems and 'issues' 'together.'

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