Relative poverty rate of S. Korea reduced to the lowest in 7 years
- 5 years ago
빈곤층 2년만에 줄었다…작년 상대적 빈곤율 7년새 최저
Statistics Korea, the Financial Supervisory Service and the nation's central bank released their report on household finance and welfare research results.
One thing clearly stood out: changes in relative poverty rate in the year 2017.
Hong Yoo breaks down the numbers for us.
After maintaining an upward trend for 2 years, relative poverty rate in South Korea has finally decreased in 2017.
Relative poverty refers to household incomes that are a certain percentage below the median incomes.
In 2017, the country's relative poverty rate decreased by 0.2 percent from 17-point-6 percent.
This is the lowest figure registered since from the data started being gathered in 2011.
The average annual income of the poor strata was around 11 thousand U.S. dollars which means that 17-point-4 percent of the entire population had to live off such amount of income.
Compared to other OECD member states, the rate is still high.
South Korea is the member with the 3rd highest relative poverty rate.
The highest rate was observed in the U.S. with 17-point-8 percent followed by Israel.
The report announced by Statistics Korea shows that people in the poor bracket earned more profit last year but it also showed a widened gap in terms of income.
South Korea faced the worst income inequality after 2014, with those classified as the richest people of the nation earning 7 times more than those in the average and poor brackets.
Last year's income distribution was still relatively unfair as well, ending up top 5 among the OECD member states to have an unfair income distribution.
Hong Yoo, Arirang News.
Statistics Korea, the Financial Supervisory Service and the nation's central bank released their report on household finance and welfare research results.
One thing clearly stood out: changes in relative poverty rate in the year 2017.
Hong Yoo breaks down the numbers for us.
After maintaining an upward trend for 2 years, relative poverty rate in South Korea has finally decreased in 2017.
Relative poverty refers to household incomes that are a certain percentage below the median incomes.
In 2017, the country's relative poverty rate decreased by 0.2 percent from 17-point-6 percent.
This is the lowest figure registered since from the data started being gathered in 2011.
The average annual income of the poor strata was around 11 thousand U.S. dollars which means that 17-point-4 percent of the entire population had to live off such amount of income.
Compared to other OECD member states, the rate is still high.
South Korea is the member with the 3rd highest relative poverty rate.
The highest rate was observed in the U.S. with 17-point-8 percent followed by Israel.
The report announced by Statistics Korea shows that people in the poor bracket earned more profit last year but it also showed a widened gap in terms of income.
South Korea faced the worst income inequality after 2014, with those classified as the richest people of the nation earning 7 times more than those in the average and poor brackets.
Last year's income distribution was still relatively unfair as well, ending up top 5 among the OECD member states to have an unfair income distribution.
Hong Yoo, Arirang News.