[Question on the path of the Korean economy]
1 Poor and rich gap ... " 1 to 99 society"
https://www.yna.co.kr/view/AKR20190308111000002
2019-03-10
QuestionPathKoreaEconomyPoorAndRichGap1
Deterioration at the highest rate of income inequality
since the 1997 economic crisis .
Income inequality, the lowest level among OECD member countries .
Leading the remarkable growth of the Korean economy ,
the growth strategy centered on traditional manufacturing faces its limits .
The past economic growth practices
and values can no longer promise the future of the Korean economy.
In the age of a paradigm shift to new industries,
Korea will sink if it does not go into structural adjustment
and technological growth.
Looking at the historical position currently facing the Korean economy,
we will start a year-round plan to find new ways
for the Korean economy to move forward.
(Seoul = news on the news) Special coverage team
= In the wake of the IMF foreign exchange crisis of 1997 ,
neoliberalism policy has been rapidly introduced,
and the polarization phenomenon
of the Korean economy is becoming more serious .
The income gap among Korean households has grown
at the highest rate in the past 20 years,
and income inequality has deteriorated
to the lowest level among the members of the Organization
for Economic Cooperation and Development ( OECD ).
Especially since the beginning of the 2010s ,
the problem of declining birth rates and aging
of the population has been compounded in the midst
of low growth without employment ,
and the middle class has collapsed
and the lives of ordinary people have been exhausted .
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Income distribution index
According to the National Statistics Office
and the Financial Supervisory Service on October 10 ,
according to the results of the household finance and welfare survey
of the Bank of Korea, the ratio of the top 10 percent
of the disposable income of households in Korea divided
by the bottom 10 percent is the ratio ( P90 / P10 )
It has deteriorated from 5.73 times in 2016 to 5.78 times in 2017 .
The OECD uses this multiple of the top 10 % of income line
( P90 ) divided by the bottom 10 % of income line
( P10 ) as an important indicator of national income inequality.
The higher the scaling factor, the higher the income inequality.
These factors will be reported to the OECD
and will be official international comparison indicators
from the end of this month.
This is because the government has changed
the official income distribution index
from 2016 based on the household finance survey
and the welfare survey based on the household trend survey standard.
Korea's 10- minute household ratio is the highest among
OECD member countries, following the United States
( 6.3 times the 2016 standard) and Lithuania
( 5.8 times the 2016 standard).
It means that income inequality is the worst among
the OECD member states except the US and Lithuania.
Gini coefficient
Gini coefficient, which is a representative indicator
of income inequality, draws a similar trajectory.
Korea's equalized disposable income standard
Gini coefficient remained at the same level in 2017 ,
following a record of 0.355 while switching to deterioration
for the first time in five years in 2016 .
A Gini coefficient of 0 means perfect equality,
1 means perfect inequality.
If it exceeds 0.4 , it may be regarded as unequal.
Based on the Gini coefficient,
this income inequality is 31st among OECD 35 member countries .
The only countries with higher income inequality
than Korea are Mexico ( 0.459 , 2014 ), Chile ( 0.454 , 2015 ),
Turkey ( 0.404 , 2015 ), and the United States ( 0.391 , 2016 ).
The Gini coefficient (disposable income standard)
of households in two or more cities in Korea rose sharply in the wake
of the 1997 currency crisis.
The Gini coefficient, which was 0.257 in 1997 ,
rose to 0.285 in 1998 and 0.288 in 1999 .
Since having experienced improvement and deterioration since the peak
of 0.295 in 2009 when the effects of the global financial crisis were thriving,
it did not return to the level of the time of the currency crisis yet.
Income quintile scale
The income quintile ratio,
which is the average income of the top 20 percent of income divided
by the average income of the bottom 20 percent of income,
also expanded to 6.98 times in 2016 and 7.00 times in 2017
on the basis of disposable income.
The top 20 percent of income earns 7 times the bottom 20 percent
of income.
Deterioration in distribution continued even
after the Moon Jane government was launched.
According to the National Statistics Survey Agency's Household Trends Survey,
the equalized disposable income 5th-order multiple of households
with 2 or more households in the fourth quarter last year was 5.47 times,
the worst since 2003
when the same four- quarter base material tabulation began The
This survey is criticized because there are many missing samples
in the upper-income segment and reports that financial income
is lower than the actual level, so it is not the result
of the household finance and welfare survey, but the magnification is low.
An even bigger problem is speed .
The rate of decline in income distribution in Korea
is almost alone among the OECD member countries.
According to the World Inequality Database ( WID ),
of the Korean population over 20 years old,
the income concentration of the class belonging
to the top 10 % of income is 43.3 % of the 2016 standard,
compared to 1996 ( 35 %) It rose sharply.
The top 1 percent income concentration also rose from 7.8 percent
in 1996 to 12.2 percent in 2016 .
For the past 20 years,
Korea's income concentration has risen most among Ireland's
OECD member countries,
which released an indicator of income concentration to WID .
The income concentration of the class belonging to the top 10 %
of income in the island rose from 28.2 % in 1996 to 37.2 % in 2016 .
The top 1 percent income concentration also rose
from 7.1 percent in 1996 to 11.5 percent in 2016 .
WID is an international statistical site where over 120 scholars
from around the world, including 21st century capital author Toma Piquety ,
a professor of economics in Paris, publish indicators of income inequality.
The outlook has been divided as to whether income distribution problems
can be improved in the future.
Last month, D
eputy Prime Minister and Planning and Finance Minister Hong Nam-gi
interviewed Soo News on last month
"The problem of distribution is not immediately confirmed
and improved in the first half of this year, but in the second half
it is considered to be well reflected by private jobs,
government financial support,
and the policy effects of multiple social security measures,"
The Kim Tae-wan,
Head of the Welfare and Welfare Research Institute,
Korea Institute of Health and Social Sciences
"I hope the income distribution will improve in the second half."
"The basic pension will increase from March ,
and it is expected that the work incentive tax system
( EITC ) effect will be displayed in the second half."
However, the professor of Economics Department of East Korea,
"The damage caused by the decline in employment due
to the sharp rise in the minimum wage concentrated on the lower side ."
"The decrease in labor income and business income due to the decrease
in employment is expected to increase the income gap in the future,
because there is no recurrence in the previous increase in income ."
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