STH KOREA BIGGEST PRIVATE EDUCATION SPENDER AMONG OECD NATIONS

SEOUL, April 2 Asia Pulse – South Korea was the biggest
spender in private education among members of the Organization
for Economic Cooperation and Development (OECD) in 2005, while
its birthrate fell to the bottom, a government report showed
Monday.
According to the report, the ratio of South Korea‘s private
education spending to its gross domestic product (GDP) came to
2.9 per cent in 2005, while its rank in terms of its birthrate
fell to 31st from 30th as the rate went down to 1.16 births per
one woman.
The Ministry of Finance and Economy unveiled the report
which is based on the OECD factbook on Monday. The factbook
itself is based on a variety of 2005 economic, social,
environment and labor data compiled by the Paris-based
organization.
According to the report, Korea‘s macroeconomic data was
sound in 2005, but its welfare state seems to have fallen below
its OECD counterparts, the report showed.
South Korea ranked 25th in terms of the ratio of the
government liabilities to the gross domestic product (GDP) in
2005, while its 4 per cent on-year economic growth was the
11th-highest among OECD members.
The nation’s GDP, worth US$1.1 trillion, had the
10th-largest volume among OECD states, while its gross national
income (GNI) amounted to $22,078 to rank 22nd. The trade
surplus reached $23.2 billion, the 9th-largest volume, while
the service account deficit amounted to $13.7 billion.
Despite such brisk macroeconomic data, the daily lives of
South Korean people appears to be worse than those of other
OECD member states as life span, public healthcare spending,
culture and leisure spending fell below other OECD members, the
government said.
South Korea ranked 24th in terms of its life span, reaching
77.4 years in 2005, while it came in 26th in public healthcare
spending and 18th in culture and leisure spending. In the
number of car accidents that occurred, South Korea ranked
fifth.
The country retained its top position in the number of hours
people worked, while it moved up two notches in the
unemployment rate, the report said.
South Korean employees worked an average 2,354 hours in
2005, the highest among OECD members, while the unemployment
rate was 25th at 3.7 per cent.
(Yonhap)

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