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Korea local-government debt reaches 44.98 trillion won as deficits persist

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  • Local governments increased spending while their fiscal balances remained negative for a fourth consecutive year.
  • Debt rose from 30.03 trillion won in 2020 to 44.98 trillion won last year.
  • The average fiscal self-reliance ratio fell from 45.34 percent in 2022 to 42.37 percent this year.
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