The Organisation for Economic Co-operation and Development (OECD) found household debt levels in Canada are the highest in the world, making the country more vulnerable to an economic shock.

The warning from the OECD came in a report on economic growth which highlighted concerns over the levels of household debt in both advanced and emerging economies. Consumer debt tops 100% of GDP in Canada, while the level of debt expressed as a percentage of GDP stands at above 80% in both South Korea and the UK.

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