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    South Korea fact of the day

    Thu, 07/30/2009 - 07:42 EDT - Marginal Revolution
    • Comments
    • Data Source

    The household savings rate in South Korea
    will have plummeted from a world-beating 25.2 percent in 1988 to a
    projected world low of 3.2 percent in 2010, according to the OECD.Here is much more.  In fact:South Koreans work more, sleep less and kill themselves at a higher
    rate than citizens of any other developed country, according to the
    OECD. They rank first in time spent online and second to last in
    spending on recreation, and the per capita birthrate scrapes the bottom
    of world rankings. By 2050, South Korea will be the most aged society
    in the world, narrowly edging out Japan, according to the OECD. And here's one problem with aggregate savings rates:
    ...South Korea ranks first in per capita spending on
    private education, which includes home tutors, cram sessions and
    English-language courses at home and abroad.

    An obsessive pursuit of educational achievement, it seems, is one of
    the driving forces behind the low savings rate. About 80 percent of all
    students from elementary age to high school attend after-school cram
    courses. About 6 percent of the country's gross domestic product is
    spent on education, more than double the percentage of spending in the
    United States, Japan or Britain.

    • Original article
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