Korea ranks near bottom of OECD for income redistribution
Korea ranked near the bottom of Organization for Economic Cooperation and Development (OECD) member countries in income redistribution through taxes and welfare systems, latest data showed Sunday. Korea's improvement rate in the Gini coefficient was 17.6 percent in 2023, the latest year for which OECD data is available, according to an analysis by Yonhap News Agency. The measure compares the Gini…
Korea ranks near the bottom of the Organization for Economic Cooperation and Development (OECD) countries in terms of income redistribution, according to data released on Sunday. The Korean economy, buoyed by strong semiconductor exports, has recently entered an expansionary phase. However, concerns persist that economic polarization may become entrenched.
The Gini coefficient, which measures income inequality, was particularly low in Korea at 0.392, the lowest of the 29 OECD countries analyzed. This figure, which compares market income before taxes with disposable income after taxes and transfers, was roughly half the OECD average of 34.4 percent, placing Korea 28th among its member nations with available data. Only Costa Rica had a lower Gini coefficient at 12.1 percent.
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- S. Korea ranks near bottom of OECD for income redistribution en.yna.co.kr
- Korea ranks near bottom of OECD for income redistribution koreatimes.co.kr
