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Korea (12.3%) accounted for the same proportion as Costa Rica, with only Chile (11.7%) and Mexico (7.4%) having a lower proportion than Korea. [36] The average public social welfare expenditure to GDP in 38 countries where the ratio of public social welfare expenditure to GDP was identified was 20.1%, and Korea spent 61.2% of the OECD average. [38]
These tables are lists of social welfare spending as a percentage of GDP compiled by Organisation for Economic Co-operation and Development ("OECD") into the OECD Social Expenditure Database which "includes reliable and internationally comparable statistics on public and mandatory and voluntary private social expenditure at programme level." [1]
OECD listed several factors among the reasons for poverty in Korea. First, public social spending in South Korea is low. Social spending by the government in South Korea was 7.6% of GDP in 2007, compared to the OECD average of 19%. [4] This can be explained by the Korean traditional reliance on family and the private sector to provide such ...
The Social Progress Index (SPI) measures the extent to which countries provide for the social and environmental needs of their citizens. Fifty-four indicators in the areas of basic human needs, foundations of well-being, and opportunity to progress show the relative performance of nations.
Between 1990 and 2007, South Korean government welfare expenditure increased at a rate of 11% per year in real terms, the fastest rate of increase in the OECD area. [ 4 ] [ 3 ] Social expenditure between 1990 and 2001 rose from 4.25% to 8.7%, peaking at 10.9% in 1998.
The economy of South Korea is a highly developed mixed economy. [19] [20] [21] By nominal GDP, the economy was worth ₩2.61 quadrillion (US$1.87 trillion).It has the 4th largest economy in Asia and the 12th largest in the world as of 2025. [3]
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South Korea's single-parent family support policy is based on the Single-Parent Family Support Act. The Single-Parent Family Support Act was enacted in 1989. [11] Laws passed in 2011 and 2013 have provided a legal framework for combatting social prejudice and discrimination against single parents. In 2011, a law was passed that allowed the ...