State-run enterprises and other public institutions may undergo sweeping restructuring, including possible mergers and shutdowns, as the government seeks to rein in mounting debt, experts said Monday. They said the national debt-to-GDP ratio is projected to climb sharply during President Lee Jae Myung’s term, from 49.1 percent in 2025 to 58 percent by 2029. The warning comes on the heels of the Lee administration’s record-breaking budget proposal on Friday, which would raise next year’s government spending by 54.7 trillion won to a total of 728 trillion won ($522.53 billion). The 54.7 trillion won is the largest year-on-year increase in history, surpassing the 49.7 trillion won increase in 2022 under the Moon Jae-in administration, which faced criticism for excessive fiscal expansion. Despite growing concerns over fiscal discipline, the Lee administration argues that aggressive government spending is necessary to support economic recovery. At the same time, it has pledged to cut costs in other areas, particularly through reforms targeting publicly run institutions, which Lee has cal
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