South Korea’s household debt-to-GDP rises second-fastest

SEOUL: South Korea’s household debt-to-gross domestic product increased at the second-fastest rate in the world in the first half of this year, reports said.

According to survey of 43 countries conducted by Bank for International Settlements (BIS), South Korea’s ratio of total household credit-to-gross domestic product (GDP) came to 93.8% as of the second quarter of 2017, up 4.3 percentage points year-on-year. The data by Basel-based financial institution was released on Dec 3.