S. Korea's welfare spending 2nd lowest among OECD nations: report
Social affairsDec 26, 2012
South Korea spends much less on public welfare than most other advanced countries compared to its gross domestic product (GDP), but the growth rate of its social expenditure far outpaces them, a report showed Wednesday.According to the report by the state-run Korea Institute for Health and Social Affairs, the ratio of South Korea's welfare spending to its GDP stood at 9.4 percent in 2009, the second lowest among 30 members of the Organization for Economic Cooperation and Development (OECD). The