Korea's ratio of household debt to gross domestic product increased at the fastest clip after China and Hong Kong.

Korea's ratio of household debt to gross domestic product increased at the fastest clip after China and Hong Kong. The dubious distinction comes despite the government’s efforts to rein in ballooning household debts with tougher lending policies. According to recent data, South Korea's household debt accounted for 95.2 percent of the GDP at the end of March this year, up 2.3 percentage points from a year before. The aggregate debt is about to reach 1.3 trillion US dollars, according to data from the Bank of Korea and the Financial Services Commission.