Korea's household debt-to-GDP ratio highest among 34 major economies (US#4)

https://koreatimes.co.k ^ | June 12, 2023 | By Anna J. Park

[RomanSoldier19]

Korea's household debt-to-gross domestic product (GDP) ratio was the highest among the world's 34 major economies in the first three months of this year, data showed Monday. This has raised concerns that banks and other financial firms may face higher default rates amid higher interest rates and deepening economic warning signs.

According to the latest Global Debt report by the Institute of International Finance (IIF) on Monday, the country's household debt-to-GDP ratio stood at 102.2 percent, topping the list, followed by Hong Kong at 95.1 percent, Thailand at 85.7 percent, U.K. at 81.6 percent and the U.S. at 73 percent. Malaysia, Japan, China, the EU and Singapore also made the top 10 list of countries with the highest indebted households.

[RomanSoldier19]

Korea's household debt-to-GDP ratio highest among 34 major economies

South Korea’s fertility rate falls to lowest in the world

[anthropocene_x]

Korea is called “Hell Josen” by it’s inhabitants because the competitive pressures are so intense there and people work externe hours but can barely afford housing.

[Flaming Conservative]

I watch YouTube videos of a South Korean housewife (Honeyjubu). She’s become wildly popular, so she’s making money now, but seems to live an incredibly simply, having almost nothing (until recently). She’s been given several large ticket items for subsidized videos, but otherwise, seems to have not much but abundant food.

[joma89]

Pay off your debt, folks and start a garden. It is well past time to reduce dependency on the “system”.