[Photo] S. Korea spends least on social welfare among OECD nations, only 11.1% of GDP

Despite improvements in social welfare services under the administration of South Korean President Moon Jae-in, South Korean still ranks the lowest among OECD countries when viewing its social welfare budget compared to GDP. According to data released by the Ministry of Economy and Finance (MOEF), South Korea’s social welfare spending in 2018 amounted to 11.1% of its GDP, placing it 29th (last place) among OECD member nations. The OECD average for social welfare spending amounted to 20.1% of GDP. Although South Korea has steadily increased its social welfare spending throughout the past decade, this latest MOEF data reveals that it still has a long way to go if it’s to match the level of other developed countries. France spent the most on social welfare, 31.2% of its GDP, followed by Belgium (28.9%), Finland (28.7%), Denmark (28%), and Italy (27.9%).