Among OECD countries, South Korea’s public sector finances a lower proportion of the country’s health expenditures, resulting in high out-of-pocket payments for healthcare.

Rapid demographic change makes it essential to improve the efficiency of Korea’s healthcare system to contain the rise in spending.

Expanded healthcare has improved health conditions; however, a number of issues, including doctor shortages, suggest the need for reforms.

The OECD projects a GDP growth rate of 2.6 percent for Korea in 2024, which is substantially higher than the February 2024 outlook.

Strengthening the innovation ecosystem and boosting return on investment is crucial to raising productivity and sustaining economic growth.

Innovation has played a vital role in Korea’s rapid economic development and sustained progress toward the global innovation frontier.