South Korea’s national debt exceeded $823.15 billion (1,100 trillion won) by the end of August, a development punctuated by a simultaneous contraction in the fiscal deficit, as indicated by recent data from the ROK Ministry of Economy and Finance. This increased debt exceeds the government’s own annual forecast. 

Meanwhile, the government’s revenue exhibited a year-on-year decline of about $33 billion (44.2 trillion won). Instrumental to this downturn was a 16.5% reduction in tax revenue, aggregating $180.8 billion (241.6 trillion won). Concurrently, a reduction in government spending by $47.5 billion (63.5 trillion won) correlates with curtailed spending on pandemic-contingent subsidies and projects.