Chip boom masks Korea's growing zombie firm problem

Korea’s semiconductor boom is driving nominal GDP higher, but the Bank of Korea said Tuesday that the share of zombie firms has reached a record. Nominal GDP rose 26.4 percent in the second quarter from a year earlier, while 19.1 percent of nonfinancial companies were classified as zombie firms as of last December. The BOK said weakness is especially severe in domestic-demand sectors, and warned that lending risks could grow if interest rates rise.

Nominal GDP surged 26.4 percent in the second quarter from a year earlier, the fastest increase in 47 years.

As of last December, 19.1 percent of nonfinancial companies were classified as zombie firms, up from 17.1 percent a year earlier.

Among 29,468 companies, 5,632 fell into the zombie-firm category.

Zombie firms made up 43.7 percent of companies in real estate and 28.4 percent in accommodation and food services.

Credit extended to zombie firms accounted for 21.2 percent of total corporate lending at the end of last year, up from 15.6 percent a year earlier.

Published Sep 22, 2026 4:00 pm KST

Rising exposure to distressed companies raises concerns for nonbank lenders

A food alley in downtown Seoul, June 23 / Yonhap

Korea’s semiconductor boom is producing extraordinary headline growth, but its benefits are not being felt evenly across the economy. While strong chip exports have pushed nominal gross domestic product (GDP) sharply higher, the share of “zombie” companies has climbed to a record, the Bank of Korea (BOK) said Tuesday.

The country’s nominal GDP has accelerated since the second half of 2025, fueled by higher semiconductor prices and strong exports. In the second quarter of this year, it surged 26.4 percent from a year earlier, the fastest increase in 47 years.

Away from the export sector, however, the picture is considerably weaker. As of last December, 19.1 percent of nonfinancial companies were classified as zombie firms, up from 17.1 percent a year earlier and the highest level since the BOK began compiling the data in 2010. Of the 29,468 companies, 5,632 fell into the category.

The term refers to those that have been unable to cover even their interest expenses with operating profits for three consecutive years. Their share increased among both large and small and midsize enterprises.

“The percentage of zombie firms has continued to rise in recent years. Both the proportion of variable-rate borrowing and delinquency rates have seen an increase,” Chang Cheong-soo, a BOK deputy governor, said at a press briefing.

The problem is particularly pronounced in industries dependent on domestic demand. Zombie firms accounted for 43.7 percent of companies in real estate and 28.4 percent in accommodation and food services, compared with a much healthier picture among export-oriented manufacturers benefiting from the chip boom.

That weakness is beginning to matter beyond the companies themselves, as lenders are taking on more exposure to financially fragile borrowers. Credit extended to zombie firms accounted for 21.2 percent of total corporate lending at the end of last year, up from 15.6 percent a year earlier.

And more of that exposure is shifting toward nonbank lenders, such as savings banks and mutual finance institutions. Nonbank institutions accounted for 42.2 percent of zombie firms’ total debt last year, up from 38.2 percent in 2024.

The central bank warned that some industries with less cash on hand than others could continue facing increasing difficulty rolling over their debt, particularly if interest rates rise or funding markets become less accommodating.

“Vulnerabilities could continue to build, notably in industries facing prolonged weakness,” the central bank said in its report. “Lending to vulnerable sectors should be closely monitored and risk management strengthened, as higher market rates could increase companies’ interest burdens and those that rely heavily on market-based funding could face greater refinancing risks.”

Chip boom puts Korea's per capita GDP within reach of $40,000

韩国半导体行业的繁荣推动名义GDP增长，但韩国央行周二表示，僵尸企业占比已创历史新高。第二季度名义GDP同比增长26.4%，而截至去年12月，非金融企业中被列为僵尸企业的比例为19.1%。韩国央行指出，内需行业的疲软尤为严重，并警告称，如果利率上升，信贷风险可能会增加。

第二季度名义GDP同比增长26.4%，创47年来最快增速。

截至去年 12 月，19.1% 的非金融公司被归类为僵尸企业，高于一年前的 17.1%。

在 29,468 家公司中，有 5,632 家属于僵尸企业类别。

僵尸企业占房地产公司总数的 43.7%，占住宿和餐饮服务公司总数的 28.4%。

截至去年年底，向僵尸企业提供的信贷占企业贷款总额的 21.2%，高于上年的 15.6%。

发布于2026年9月22日下午4:00（韩国标准时间）

对陷入困境的公司敞口增加，引发了非银行贷款机构的担忧。

首尔市中心一条美食街，6月23日 / 韩联社

韩国半导体行业的蓬勃发展带来了惊人的经济增长，但其惠及范围并不均衡。韩国央行周二表示，尽管强劲的芯片出口大幅推高了名义国内生产总值（GDP），但“僵尸企业”的比例也攀升至历史新高。

受半导体价格上涨和出口强劲的推动，该国名义GDP自2025年下半年以来增速加快。今年第二季度，名义GDP同比增长26.4%，创47年来最快增速。

然而，在出口行业之外，情况则要糟糕得多。截至去年12月，19.1%的非金融企业被归类为“僵尸企业”，高于一年前的17.1%，也是韩国央行自2010年开始收集该数据以来的最高水平。在29,468家企业中，有5,632家属于这一类别。

该术语指的是那些连续三年无法用营业利润支付利息支出的企业。这类企业在大中小型企业中所占比例均有所上升。

韩国央行副行长张青洙在新闻发布会上表示：“近年来，僵尸企业的比例持续上升。浮动利率贷款的比例和违约率均有所增加。”

依赖国内需求的行业，这个问题尤为突出。房地产行业的“僵尸企业”占比高达43.7%，住宿和餐饮服务行业的这一比例也达到了28.4%，相比之下，受益于芯片行业繁荣的出口导向型制造商的情况则健康得多。

这种弱点的影响正逐渐波及到企业本身之外，因为贷款机构正在承担更多来自财务状况脆弱的借款人的风险敞口。截至去年年底，发放给“僵尸企业”的信贷占企业贷款总额的21.2%，高于前一年的15.6%。

而且，这种风险敞口正越来越多地转向非银行贷款机构，例如储蓄银行和互助金融机构。去年，非银行机构占“僵尸企业”总债务的42.2%，高于2024年的38.2%。

央行警告称，一些现金储备较少的行业在债务展期方面可能会继续面临越来越大的困难，尤其是在利率上升或融资市场变得不那么宽松的情况下。

“脆弱性可能会持续加剧，尤其是在那些长期疲软的行业，”央行在报告中指出。“应密切监控对脆弱行业的贷款，并加强风险管理，因为市场利率上升可能会加重企业的利息负担，而那些严重依赖市场融资的企业可能面临更大的再融资风险。”

芯片产业的蓬勃发展使韩国人均GDP有望达到4万美元