The ratio of South Korea's household debt to gross domestic product(GDP) is nearing 100 percent and growing at an alarmingly fast rate compared to other major economies in the world. 

According to data released by the Korea Institute of Public Finance on Monday, the ratio of the country's household debt to GDP came to 98-point-six percent as of the second quarter of last year. 

The figure is far higher than the world average of 63-point-seven percent and advanced countries’ average of 75-point-three percent. 

The institute also found that South Korea saw the ratio climb 27-point-six percentage points from 2008. The growth is much sharper than the world average of three-point-seven percent and advanced countries’ average of minus point-nine percent. 

The institute warned that the entire economy could be rattled if interest rates surge drastically and thus raise the burden of loan interest at a time when household debt has surged sharply.