Korea's welfare spending lowest among OECD

The country is spending little on social welfare compared with other developed economies according to the Korea Times. Still, experts advise that the country should be cautious in expanding social welfare programs as it is doomed to snowball with the aging of society.

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Economic data

GDP growth: -1.8% Q1 2020/Q4 2019
Consumer price inflation: 0.9% Apr 2020 annual
Trade (G20): -4.3% exp, -3.9% imp, Q1 2020/Q4 2019
Unemployment: 8.4% Apr 2020
Last update: 9 July 2020

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