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Biz News Korea(Eng)
Korea’s household debt level against GDP hovering above OECD average
- Collected
- 2017.04.08
- Distributed
- 2017.04.10
- Source
- Go Direct
The BOK’s analysis of 25 OECD member countries shows that South Korea had 169.0 percent in the ratio of household debt against disposable income at the end of 2015, higher than the OECD average of 129.2 percent.
The country’s household debt has snowballed since the global financial crisis. In the 2010-2015 period, the OECD’s average ratio of household debt against disposable income dropped 0.5 percentage point, while Korea’s rose by 21.4 percentage points.
This is in a stark contrast to the decline of major developed countries such as the U.S. (-22.6 percentage points), the U.K. (-11.8 percentage points) and Germany (-7.4 percentage points), where deleveraging had been a trend following the subprime mortgage crisis that led to global financial meltdown.
As of the end of 2015, South Korea`s ratio of household debt against nominal gross domestic product (GDP) was 91.0 percent, 20.6 percentage points higher than the OECD average of 70.4 percent.
South Korea showed the seventh-highest level in this measure among the 25 countries behind Denmark (133.0 percent), Switzerland (126.5 percent), Netherlands (123.9 percent), Norway (100.9 percent), Canada (100.6 percent) and the U.K. (93 percent).
South Korea’s household debt surged by 141 trillion won (124 billion) last year, which suggests that the gap between South Korea and the OECD average could widen in the household debt ratio.
By Boo Jang-won
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]