November 15, 2021 08:28
Korea has the highest ratio of household debt to GDP among 37 major economies.
The Institute for International Finance in a report Monday said that as of the second quarter, Korea's ratio hit 104.2 percent. Hong Kong ranked second with 92 percent and the U.K. third with around 89 percent.
Korea was also at the top in terms of the on-year growth of household debt to GDP with 6.0 percentage points. Hong Kong was in second place with 5.9 points, followed by Thailand with 4.6 percentage points.
The institute said one-third of the major economies experienced a rise in household debt with soaring house prices.
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