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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]
Poverty lines for other sets of countries have also been revised upwards. The poverty line for lower middle-income countries (LMICs) has moved to US$3.65 from US$3.20, while the poverty line for upper middle-income countries (UMICs) has moved to US$6.85 from US$5.50. [6]
In 2020, the COVID-19 pandemic exacerbated economic inequality in South Korea. [5] South Korea's President, Moon Jae-in, attributed a deepening wealth gap between the rich and the poor to the 2020 COVID-19 pandemic. [6] South Korea's economy depends on the gross domestic product generated by a handful of the country's largest companies.
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South America: High income 40.6 2022 United States: Northern America: High income 41.3 2022 39.79 2022 39.6 2022 Uzbekistan: Central Asia: Lower middle income 31.2 2022 35.27 2003 Saint Vincent and the Grenadines: Caribbean: Upper middle income 40.00 2008 Venezuela: South America — 44.7 2006 37.80 2014 Vietnam: South-eastern Asia
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]
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.
Population of the Korean Peninsula 1910–2016. According to Worldometers' South Korea Population Forecast statistics, South Korea is supposed to have a 0.36% yearly change increase by 2020, a 0.28% yearly change increase by 2025, a 0.18% yearly change increase by 2030, and a 0.04% yearly change increase by 2035. [17]