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Economic inequality is often linked to low or limited social mobility, a situation which may instill a sense of hopelessness among South Korea's youth. [10] Gambling, though extremely limited due to its legality in South Korea, can be a dangerous source of debt for South Koreans who are susceptible to gambling and gambling addiction. [11]
According to official estimates, about 15% of South Koreans live below the poverty line. [5] Poverty in South Korea is defined as relative poverty. Relative poverty is not the same as absolute poverty: relative poverty measures the share of the population living on less than half of the median income. [4] (Median income in South Korea in 2007 ...
The economy of South Korea is a highly developed mixed economy. [19] [20] [21] By nominal GDP, the economy was worth ₩2.61 quadrillion (US$1.87 trillion).It has the 4th largest economy in Asia and the 12th largest in the world as of 2025. [3]
North Korea's nominal gross national income in 2023 was estimated to be 1.59 million won ($1,147.56) per capita, equivalent to just 3.4% of the South's 47.25 million won.
Poverty in North Korea has been widely repeated by Western media sources [2] [3] [4] with the majority referring to the famine that affected the country in the mid-1990s. [5] A 2006 report suggests that North Korea required an estimated 5.3m tonnes of grain per year while harvesting only an estimated 4.5m tonnes, and thus relies on foreign aid ...
As South Korea's migrant program ramps up recruitment, it faces scrutiny for what critics say is a failure to guarantee safe working conditions. Facing a labor crisis, South Korea turns to migrants.
There are currently 47,406 Korean Americans residing in South Korea, up from 35,501 in 2010, according to data from the Ministry of Justice. They are driving the record high number of diaspora ...
In 2024, North Korea's "economic freedom" score from the free-market oriented Heritage Foundation was 2.9, making its economy the world’s least free. The country’s economic freedom score is lower than the world and regional averages. North Korea’s economy is considered “repressed” according to the 2024 Index. [69] [70] [71]