South Korea's household debt-to-gross domestic product (GDP) ratio was the second highest among major nations in the fourth quarter of last year.

According to data from the Institute of International Finance released Sunday, South Korea's debt-to-GDP ratio reached 91-point-seven percent at the end of the fourth quarter of 2024, ranking second among 38 major nations.

Canada topped the list with 100-point-six percent, while the global average was 60.3 percent.

South Korea held the top spot for four consecutive years from 2020 to 2023, with a ratio exceeding 100 percent, but dropped to second place last year following a change in the base year for national account statistics, which reduced the ratio to around 93 percent at the end of 2023.

According to the latest data from the Bank for International Settlements, the country's ratio stood at 90-point-seven percent at the end of the third quarter of 2024, the fifth highest among 44 countries.