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Korea household debt to GDP ratio highest in world

Christian Fernsby ▼ | July 21, 2020
South Korea’s household debt compared to its economic size has become one of the world’s highest, while its debt grew at one of the fastest paces during the first quarter this year, a report showed Monday.
South Korea street
Household   South Korea street
As of the end of March this year, Asia’s fourth-largest economy saw its household debt stand at 97.9 percent of its gross domestic product, which was the highest among the 39 countries reviewed by the US-based Institute of International Finance.

Topics: Korea

Next were Britain, Hong Kong and the United States, with 84.4 percent, 82.5 percent and 75.6 percent, respectively.

Also, Korea’s household debt was one of the fastest-growing among the subject states, adding 5.8 percentage points during the same period from the previous quarter, data showed.

Korea was outpaced by Hong Kong and China, which added 9 percentage points and 6.4 percentage points to the household debt to GDP ratio, respectively.