SEOUL, March 27 (Korea Bizwire) — The South Korean central bank warned Thursday of the possibility of increased volatility in the financial market and its potential impact on the country’s financial stability amid weak economic growth and high uncertainties at home and abroad. The Bank of Korea (BOK) made this point in its latest financial [...]
SEOUL, March 16 (Korea Bizwire) — South Korea’s household debt-to-gross domestic product (GDP) ratio was the second highest among major nations, following Canada, amid growing concerns about rising household borrowing amid weak growth and domestic demand, data showed Sunday. The debt-to-GDP ratio for South Korea came to 91.7 percent in the fourth quarter of 2024, [...]
SEOUL, Jul. 8 (Korea Bizwire) – In a global comparison of household debt burdens, South Korea emerged as having the fourth-highest ratio of debt payments to income among major economies last year, according to data released by the Bank for International Settlements (BIS). The report, published on July 7, reveals that South Korea’s debt service ratio [...]
SEOUL, May 29 (Korea Bizwire) — South Korea’s household debt-to-gross domestic product (GDP) ratio stood at the highest level among 34 major economies in the first quarter, global financial data showed Monday. The ratio stood at 102.2 percent in the January-March period, followed by Hong Kong with a ratio of 95.1 percent, Thailand with 85.7 [...]
SEOUL, Oct. 10 (Korea Bizwire) — Some 380,000 households in South Korea were found to be at high risk of financial default due to excessive debt burdens, a central bank report showed Monday. According to the Bank of Korea (BOK) report submitted to Rep. Kang Joon-hyun of the main opposition Democratic Party, the number of [...]
SEOUL, June 6 (Korea Bizwire) — South Korea had the highest household debt-to-gross domestic product (GDP) ratio among 36 major economies in the first quarter, a global finance report said Monday. The country’s household debt-to-GDP ratio came to 104.3 percent in the January-March period, followed by Lebanon with 97.8 percent, Hong Kong with 95.3 percent, [...]
SEOUL, Dec. 5 (Korea Bizwire) — The head of South Korea’s top financial regulator has said he will make continued efforts to bring household debt growth down to pre-pandemic levels, as fast increasing debt has emerged as a major risk that could threaten the country’s economy. Koh Seung-beom, chief of the Financial Services Commission (FSC), [...]
SEOUL, Nov. 15 (Korea Bizwire) — South Korea has the highest ratio of household debt to gross domestic product (GDP) among major economies in the world, a report showed Monday, indicating it could crimp consumption and weigh on the economy down the road. The country’s household debt stood at 104.2 percent of its GDP as [...]
SEOUL, Aug. 26 (Korea Bizwire) — South Korea’s financial authorities have called on local banks to tighten their screening for unsecured loans as part of efforts to cope with rising household debt, sources said Thursday. The Financial Supervisory Service (FSS) recently required all commercial lenders to submit their plans to adjust caps on credit loans [...]
SEOUL, April 5 (Korea Bizwire) — South Korea’s household debt has been rising faster than that in most major economies to reach nearly 100 percent of its gross domestic product (GDP), a report showed Monday. The country’s household debt-to-GDP ratio stood at 98.6 percent as of the end of June last year, according to the [...]