Starting from 2012, the National Statistical Office launched efforts to develop an index that can measure the quality of life. The index consists of 12 categories comprising 80 items ranging from income to consumption, employment, wage, social welfare, residence, health, citizen participation, safety, and the environment.
After five years of research, the statistical bureau released the “Life Quality Comprehensive Index” on March 15. The index stood at 111.8 in 2015, up 11.8 percentage points from the base year in 2006. During the same period, Korea’s GDP grew 28.6 percent.
In other words, there was a big gap between the level of improvement in the quality of life in Korea and the level of economic development as measured by GDP growth.
The gap between the growth in GDP and the improvement in the quality of life is not unique in Korea. The situation is similar in Canada, a country benchmarked by the National Statistical Office. During the period from 2006 to 2015, Canada’s per-capita GDP rose 8.8 percent but its life quality comprehensive index rose merely 3.9 percent.
South Korea’s top financial regulator will cut reserve requirements by half for insurance firms’ cross-border infrastructure assets from as early as June, paving the way for domestic insurers to boost overseas alternative investments. The Financial Supervisory Service (FSS) is working&hellip
The Government Employees Pension Service (GEPS) has awarded overseas private debt fund mandates for opportunistic strategies to Apollo Global Management and Cerberus Capital Management to invest up to $160 million, according to the South Korean pension fund on March 24.&hellip
HI Investment & Securities Co. Ltd., an affiliate of South Korean shipbuilder Hyundai Heavy Industries Co. Ltd., has established an offshore aircraft leasing company to buy two used Boeing 777-300ER aircraft from a Chinese leasing firm for $209 million, jointly&hellip