04-04-2006, 11:03 PM
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The Great Leader
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Join Date: Aug 2005
Location: South Korea
Age: 35
Posts: 4,188
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State Debts Snowball Under Roh
I thought only the U.S. had a debt problem? 
Quote:
South Korea¡¯s national debt hit a record high of 250 trillion won at the end of 2005, up 45 trillion won from a year earlier, a government report showed.
The Ministry of Finance and Economy (MOFE) said Tuesday that the country's national debt increased 22.1 percent, or by 44.9 trillion won, last year to 248 trillion won, according to the national debt defined by International Monetary Fund (IMF) standards.
The figure translates into per-capita debt burden of 5.13 million won, up from 4.22 million won the previous year.
Of the total national debt, the central government alone accounted for 238.8 trillion won last year, up 42.7 trillion won from a year earlier.
The national debt ratio relative to Korea's gross domestic product (GDP) rose to 30.7 percent, up 4.6 percentage points from 26.1 percent at the end of 2004, the ministry said.
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The U.S. is not as bad as people make it out to be.
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The United States had high debt-to-GDP ratio of 63.8 percent, Japan 158.9 percent and Germany 69.9 percent.
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Read the full story here. |
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