Due to the government's third straight year of deficits amid the COVID-19 pandemic, sovereign debt is expected to reach one-thousand trillion won for the first time next year.

On Tuesday, the government announced the 2022 budget plan totaling 604-point-four trillion won, which is greater than the expected total revenue of 548-point-eight trillion won. It is the third consecutive year that the total expenditure is set to exceed total revenue.

The cumulative deficit, which stood at 965-point-three trillion won after this year's second extra budget, is likely to surge to one-thousand-68-point-three trillion won next year.

The gross-domestic-product-to-debt ratio is also expected to rise from 47-point-three percent this year to 50-point-two percent.

While the government expects improved fiscal sustainability from expansionary policy that will lead to recovery and increased tax revenue, experts say that this year's revenue surplus didn't come from recovery, but from the overheated real estate and stock markets.