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: -9.8% Q2/Q1 2020 2020
Consumer price inflation: 1.3% Sep 2020 annual
Trade (G20): -17.7% exp, -16.7% imp, Q2/Q1 2020
Unemployment: 7.3% Sep 2020
Last update: 10 Nov 2020

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