韩政府国债利息支出四年增51%

Core Insights - South Korea's government interest expenditure on national debt has increased significantly from 18.6 trillion KRW (approximately 96.2 billion RMB) in 2020 to 28.2 trillion KRW last year, marking an increase of nearly 10 trillion KRW and a growth rate of 51.4% over four years, with an average annual growth rate of 13% [1] Summary by Category Government Debt Interest Expenditure - Interest expenditure on government debt is projected to exceed 30 trillion KRW this year, with approximately 30 trillion KRW budgeted for treasury bond interest and 660 billion KRW allocated for foreign exchange stabilization fund bond interest [1] - The interest expenditure on treasury bonds has surged from 16.8 trillion KRW in 2020 to 26.8 trillion KRW last year, indicating a rapid increase [1] Fiscal Pressure - The proportion of interest expenditure relative to total government spending has risen from 3.4% in 2020 to 4.4% last year, reflecting increased fiscal pressure [1] - The government faces a significant challenge as a large volume of bonds issued during the pandemic is approaching maturity, with an estimated 94 trillion KRW of treasury bonds maturing this year and increasing to 98 trillion KRW next year [1] Market Impact - Approximately 100 trillion KRW of refinancing bonds are expected to enter the market over the next two years, which may exert downward pressure on bond prices and further increase interest burdens [1]