The International Monetary Fund (IMF) is warning that soaring debts in developed nations, including South Korea, could hinder economic recovery efforts.

The IMF said Thursday that public debt would represent around 120 percent of gross domestic product (GDP) by 2014 in the Group of Seven countries and Australia and South Korea.

The IMF report projected that the average debt-to-GDP ratio of the advanced countries would rise to 100-point-six percent this year from 78-point-six percent in 2007. The ratio is expected to reach 119-point-seven percent by 2014.

The report warned that growing public debts could undermine investment confidence and push up interest rates, and eventually affect economic recovery.