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WorldPosted at: May 24 2018 1:33PM


South Korea leads developed nations in household debt

United Nations, May 24 (UNI) Despite being the world’s 11th largest economy, a significant number of South Koreans are living in “substandard” housing, faced with rising rents they can no longer afford, a United Nations rights expert has said, noting that the country now leads developed nations in levels of household debt.
“I met with residents who are living in completely substandard housing and yet paying exorbitant rents,” said Leilani Farha, the UN Special Rapporteur on the right to adequate housing, at the end of a 10-day visit to the Republic of Korea.
In a statement on Wednesday, she said that some were “forced to live in tiny spaces no more than five square metres, on short term leases and at the mercy of landlords’ arbitrary decisions to raise the rent”.
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