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The poverty rate of elderly people in South Korea is the highest among the OECD countries Poverty rate in South Korea (age 65+) in 2011. Choo, Park and Yoon noted that both absolute and relative poverty have declined in Korea from 1965 to 1990. [1]
Nevertheless, a study that compares poverty levels comparing Chile, Mexico and South Korea, showed that South Korea has historically low inequality and has had the greatest achievement in eradicating poverty among the three countries. This resulted from the nation's social initiatives of the time being increased. [23]
As welfare policies in Europe became known and polarization problems – elderly poverty, poor children, etc. – intensified, political discourse on welfare formed in Korea. Many people insisted on strengthening welfare as the OECD ranking of the welfare budget relative to GDP was lower than that of the United States, a neoliberal country.
The projected fertility rate of South Korea is set to rise in 2024, marking the first increase in nearly a decade in a country grappling with an ageing society and low birth rates. “Recently ...
The recent trend in South Korea is towards increased welfare spending. 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. [5] [3]
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]
The South Korean semiconductor and smartphone giant said its operating profit for the Jan-March quarter came in at 6.6 trillion won ($4.8 billion), up from the 640 billion won ($465 million) it ...
Korean TV series and films are increasing still further their hold on streaming audiences across East Asia. They accounted for half of viewing time in the first half of the year, according to new ...