More durable mortgage laws and increased curiosity charges have minimized new family financial loans, but Korea still tops the globe in conditions of total domestic debt.
The Institute of Worldwide Finance in contrast house credit card debt with GDP and located that Korea’s family-credit card debt-to-GDP ratio was 104.3 p.c.





Family credit card debt swelled to W1.86 quadrillion in 2021 but edged down to W1.859 quadrillion in the to start with quarter of this 12 months (US$1=W1,249). As a final result, the credit card debt-to-GDP ratio edged down .7 share place.
But the decline pales in comparison to the U.S., Japan and other major countries, the place the ratio dropped as significantly as 4 proportion points following the height of the coronavirus pandemic.
Korea also rated among the prime international locations in terms of corporate personal debt expansion. The company-financial debt-to-GDP ratio stood at 116.8 % in the 1st quarter, which was the seventh best in the environment right after Hong Kong, Lebanon, Singapore, China, Vietnam and Japan.
Korea’s ratio soared 5.5 proportion details compared to a calendar year in the past, the second quickest immediately after Vietnam’s.
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