Debt held by the self-employed in South Korea hit a record high last year, fueling worry about loan delinquency amid higher borrowing costs, statistical office data showed Saturday.
Debt owed by a self-employed person to banks and non-banking financial institutions averaged 179.18 million won (137,430 U.S. dollars) at the end of 2022, up 1.1 percent from a year earlier, according to Statistics Korea. It continued to grow for the fifth successive year since relevant data began to be compiled in 2017, reaching a new high amid higher interest rates. The country’s central bank raised its benchmark interest rate by 3.00 percentage points to 3.50 percent between August 2021 and January 2023.—Xinhua
