Question

I want to information about South Korea's poverty with own comments.

Answer 1

There are generally two type of poverty. 1 is absolute poverty 2. relative poverty.

Absolute poverty refers to a situation where person or family does not have minimum amount of income to meet the minimum requirements and basic needs. On the other hand Relative poverty is a situation where a person or family able to fulfill its partial basic needs. Because income level is too low.

If we see that poverty in South Korea. We fine that south korea poverty have sharp decline since 20th century. Decline in both absolute poverty and relative poverty. There is only 2% people in south korea who suffer due to absolute poverty. and 14-15 % people suffer due to relative poverty. Now question arises why relative poverty is at 14-15 % in south korea so reason is low public social spending. Government spend around 7.6% of GDP on public social spending. This shows korean people depends on the private sector. Also the government of korea is not welfare in nature they take strict action against trade unions, and opposition groups. So by analyising this we can say that 15 % of south korea is below poverty line.