Permanent Delegation of the Republic of Korea to the Organisation for Economic Co-operation and Development (OECD)

Korea’s Footsteps in OECD Statistics

Taking a look at more than decades of Korean history through the lens of the OECD statistics, Korea has more than doubled its economic growth – indeed, being the fastest-growing economy among OECD countries. Per capita GDP, adjusted for purchasing-power parity, more than tripled – from US$ 14,974 in 1998 to US$ 46,889 in 2021 – and the trade volume increased sixfold, from US$ 0.3trillion in 1998 to US$ 1.6trillion in 2022, evidencing Korea’s greater participation in global value chains.

Korea’s ODA has also increased dramatically. Since Korea joined the DAC in 2010, its ODA has grown faster than that of any OECD country in its effort to catch up with more established donors. As the host of the 4th High-Level Forum on Aid Effectiveness in Busan, Korea has also laid the foundation for bringing the important paradigm shift in international development co-operation from aid effectiveness to development effectiveness. In June 2019,

 Korea was selected as vice-chair of the DAC for a term of two years.

Source : OECD, Development Co-operation Profiles – Korea

Korea has recorded outstanding performance not only in economic and trade growth, but also employment, Internet penetration, R&D investment, education, and many other areas. Moreover, Korea is among the leaders in international rankings of school competence among 15-year-olds, as measured under the OECD’s Programme for International Student Assessment (PISA) surveys, to name but one benchmark.. According to the latest results of PISA 2018, Korean students’ average performance in reading(6th~11th),mathematics(5th~9th), and science(6th~10th) is ranked in the highest group among 79 participating countries.

Such rapid growth has presented other challenges to Korean society, however. Korea became the number-one country in some negative sides of OECD statistics, such as the lowest welfare spending, the poverty rate of the elderly, and gender inequality. Since the global financial crisis in 2008, Korea, like many other countries, has faced slower growth, higher unemployment, a slowdown in productivity, and a rise in inequality. Indeed, one could say that in becoming an adult, Korea has experienced growing pains, while undergoing various difficulties and structural problems. The indicators cited above show that Korea still faces many challenges that need attention. Nonetheless, these OECD statistics, while presenting a somewhat negative image, present challenges that Korea will have to overcome through future policy directions.