The amount of bank loans taken out by self-employed people is estimated to have surpassed 1,000 trillion won ($757.9 billion) for the second consecutive quarter amid lingering risks of default, according to data disclosed Monday. Released by main opposition Democratic Party of Korea (DPK) Rep. Yang Kyung-sook, the data compiled by the Bank of Korea (BOK) showed the total amount of money borrowed by self-employed people was 1,019.8 trillion won as of the fourth quarter of 2022.
The government announced on Tuesday that it is prioritizing tackling the low birthrate in an “engaging and thorough manner” in drawing up next year s budget amid snowballing concerns over a looming demographic crisis. The budget will also be spent on labor, education and pension reforms.