Global financial data released today showed that South Korea’s consumer debt-to-GDP ratio was the highest among the world’s advanced economies during the first quarter of this year. According to the Institute of International Finance, South Korea’s consumer debt ratio reached 102 in the first quarter of this year. 2 percent of gross domestic product, the highest among OECD countries.
Hong Kong came in second with 95.1%, followed by Thailand with 85.7%, the UK with 81.6%, the US with 73%, Malaysia with 66.1%, Japan with 65.2% and China with 63.6%.
South Korea’s Yonhap News Agency reported that South Korea is the only one among the countries included in the report in which consumer debt exceeds the value of gross domestic product in the first quarter.
