According to Bank of Korea’s figures for 2019, South Korea’s household debt is rising by an estimated US$100,000 (3.1 million baht) every minute, amounting to a whopping US$1.7 trillion today. Every day, more than 100 South Koreans are declared bankrupt. Meanwhile, the government’s debt has skyrocketed to a total of US$693 billion, increasing by 111 trillion won (2.83 trillion baht) in just six months in response to the Covid-19 pandemic.
But debt is not only a Korean problem. In fact, according to S&P and the Organisation for Economic Cooperation and Development (OECD), the debt of all nations reached US$53 trillion in the first quarter of 2020, out of which 34 of the world’s richest nations borrowed US$11.4 trillion. For corporati…
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