Affluent Koreans may weather their debts, but pain will be acute for marginal groups
South Korean households have amassed a significant amount of household debt. The ROK government is adept at hiding its liabilities in off-balance sheets via public entities like KEPCO, which have quasi-government guarantees but whose liabilities government debt-to-GDP calculations don’t include.
However, households have nowhere to hide much of the money they borrow. Although household debt is a problem across the OECD, it is particularly acute in South Korea. A Korea Pro analysis indicates:
South Korean households have amassed a significant amount of household debt. The ROK government is adept at hiding its liabilities in off-balance sheets via public entities like KEPCO, which have quasi-government guarantees but whose liabilities government debt-to-GDP calculations don’t include.
However, households have nowhere to hide much of the money they borrow. Although household debt is a problem across the OECD, it is particularly acute in South Korea. A Korea Pro analysis indicates:
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