Thought for the day

Living Standards in South Korea Soar Above
Asia-Pacific Region and Emerging Markets


 
Last updated: 3 March 2024
 
Economic Growth boosted by strong institutions and investment in human capital.

South Korea's GDP Per Capita Growth
Index: 1998=100
Living Standards in South Korea Soar Above - Asia-Pacific Region and Emerging Markets
* GDP in Purchasing Power Parity terms with added estimates for the size of the informal economy and adjustments for out-of-date GDP base year data.


Real GDP per capita in South Korea has grown by 156% since 1998, far above the figures for the Asia region at around 88% and Emerging Markets at 69%. South Korea has seen steady cumulative average annual real growth in output of 2.9% over the last ten years, but growth has been inclusive with inequality close to the level of Japan. The country's institutions are also strong, with the World Economics Governance Index at 74.6, not much below the level of the United States. The country’s success in raising living standards has been helped by investments in human capital, education, and health care. The World Economics Social Factors Index for South Korea stands at 93.8, just below the 94.1 level of Luxembourg while the mean years of schooling compares at 12.5 years.

See the South Korea Review...



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