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According to data from the Bank for International Settlements (BIS), South Korea’s current household debt of 101.7 percent of GDP as of the second quarter of last year %，位居全球最高之列。尽管家庭负债率在2021年达到峰值105.4%, it fell to 104.5 in 2022 due to interest rate hikes%，随后呈现下降趋势。但仍保持在较高水平，超过100%.
To this end, the South Korean government has announced a policy to keep the annual growth rate of household debt within the economic growth rate and stabilize it below 100% of GDP by 2027. This intention has been interpreted as aimed at stabilizing the downside by slowing growth. household debt ratio, rather than reducing the total amount of household debt itself.
Calcularily, this goal can be achieved by reducing the household debt ratio by more than 1.8 percentage points over the next four years by the end of 2027. If the deadline for achieving this is limited to the term of the current Government, there will be about three years left.
(Source: businesskorea Image source: freepik)
