Household and corporate debt soared to a record high level at two-point-two times larger than the country’s economy.

According to the Bank of Korea(BOK) Thursday, debt amounted to nearly 220 percent of nominal gross domestic product(GDP) at the end of the third quarter, rising by nine-point-four percentage points on-year.

The ratio of household debt and corporate debt to GDP rose by five-point-eight and three-point-six percentage points, respectively. 

Household debt stood at nearly one-thousand-845 trillion won, which is double the amount of household debt seen in 2010 right after the global financial crisis.

The central bank warned that the swelling risks of financial imbalance could weaken private consumption and corporate investment, impacting the real economy.