New data released by the International Monetary Fund(IMF) finds that South Korea saw the sharpest rise in household debt-to-gross domestic product(GDP) ratio among 26 countries last year. 

According to the IMF’s Global Debt Database, South Korea’s debt-to-GDP ratio last year stood at 108-point-one percent, or up more than 16 percentage points from 2017. 

South Korea was the only one among the 26 countries to post a double-digit growth in the figure. 

Slovakia posted the second largest spike in the debt-to-GDP ratio followed by Japan, Jordan, Luxembourg, Chile, Switzerland and Germany. 

Meanwhile, the U.S., Canada, the Netherlands, Britain, Austria and Denmark were among the countries that saw a drop in their debt-to-GDP ratio in 2022.