South Korea’s deficit-financed debt is projected to rise from 924.8 trillion won in 2025 to 1,312.3 trillion won by 2030, increasing its share of total national debt from 71.0% to 75.7%. Unlike financial debt, deficit-financed debt has no corresponding assets and must ultimately be repaid through taxpayers’ money. National debt interest costs are forecast to climb from 36.5 trillion won this year to 53.3 trillion won in 2030, when they are expected to exceed 50 trillion won. Debt at 37 public enterprises under key financial management is projected to reach 997.4 trillion won in 2030 from 720 trillion won in 2025, while government-guaranteed debt is forecast to increase from 15.6 trillion won to 157.3 trillion won. Including projected national debt of 1,734.1 trillion won, combined public liabilities could approach 2,900 trillion won.