Corporate debt as a percentage of GDP exceeds the level of the 1997 currency crisis = South Korea

In South Korea, the ratio of corporate debt to gross domestic product (GDP) was found to be higher than the level of the 1997 currency crisis.
According to the tax and fiscal briefing by the Korea Institute for Taxation and Fiscal Affairs, Korea's GDP
Corporate debt in the Philippines (excluding those in the financial industry) was 113.7% as of 2021, exceeding the 108.6% level at the time of the currency crisis.
This is based on statistics from the Bank for International Settlements (BIS) and excludes companies in the financial industry.
It is also the highest figure since 1962, when BIS began compiling statistics on South Korea. Hong Byung-jin, a deputy research fellow at the Korea Institute of Taxation and Finance, said, ``Corporate debt is a new phenomenon.
"This has increased rapidly even before the coronavirus outbreak, and has reached an unprecedented level."
Japan is the only country where the number continues to increase." Adequate debt can have a positive impact on a company's growth, but excessive debt can increase a company's risk of default and bankruptcy.
, the recent unprecedented debt ratios require special attention.