Gyeonggi Province's Fiscal Collapse Crisis... South Korea's Economic Crisis

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I don't know if supporters are hiding the truth or if they simply lack awareness of what the problem is.
The reason Gyeonggi Province is in a fiscal crisis is:
The debt ratio itself has surged more than threefold in a short period, from 4.53% in 2020 to a projected 15.57% in 2026.
By 2025, they have already utilized 99.6% of their municipal bond issuance limit.
Due to the exhaustion of the additional municipal bond issuance limit and the depletion of funds, Gyeonggi Province is in a state where it has almost no capacity for additional fiscal mobilization. [1]
Current situation: With the issuance of municipal bonds reaching 99.6% of the 2025 limit, fiscal capacity has hit rock bottom. [1]
Even in an average household, if debt increases rapidly by more than threefold over five years, interest continues to rise.
Expenses are high, interest burdens increase, and if a liquidity problem arises later and they cannot even pay the interest, that is what constitutes economic collapse and bankruptcy.
This is not just a problem for Gyeonggi Province; the South Korean economy is the same.
Since 2020, the speed of South Korea's debt has been increasing rapidly, and it could end up like Gyeonggi Province.
The IMF has also been continuously warning about this rapid rate of debt increase in South Korea.
South Korea's debt growth rate:
South Korea's total debt has exceeded 6,500 trillion won for the first time in history, reaching 2.5 times the Gross Domestic Product (GDP). In particular, national debt is growing approximately 1.7 times faster than the economic growth rate, showing one of the highest growth rates among major non-reserve currency countries. [1]
Debt growth status and speed: Total debt scale: Exceeding 6,500 trillion won (2.5 times GDP)
Growth rate: National debt growth rate (annual average 9.0%) is approximately 1.7 times the nominal GDP growth rate (annual average 5.3%)
Growth rate by sector: Government debt (9.8%) > Corporate debt (3.6%) > Household debt (3.0%)
IMF Warning: Among 11 advanced non-reserve currency countries, the debt growth rate is the fastest, and it is diagnosed that the fiscal burden will increase as it rises by an annual average of 3.0 percentage points in the future.
Surge in interest burden: Due to the increase in outstanding government bond issuances and rising financing rates, interest costs are expected to approach 40 trillion won next year. [1]
National debt: From the 800 trillion won range → Surpassing the 1,400 trillion won range
2026 (Budget basis): 1,413.8 trillion won (Projected 51.6% of GDP)
Entering the era of 1,400 trillion won in national debt for the first time in history.
I believe this fiscal crisis in Gyeonggi Province serves as a major wake-up call for the South Korean economy.