Hyundai Research Institute has announced in its report "Nominal Income 20,000 (U.S.) Dollars, Standard of Living 30,000 Dollars," that “Korea’s per-capita GDP without considering price levels was 22,778 dollars last year, but its per-capita GDP based on purchasing power amounted to 31,714 dollars.”
Thus, the report notes that
because of the lower cost of living in Korea compared to other
industrial nations, Korea standard of living is on par with the most
developed nations in the world. From my perspective, it seems like the
report fails to adequately evaluate the cost of living in Korea.
example, the report fails to adequately equate for the higher cost
placed on families for education and healthcare. Additionally, some
of the price comparisons seem to be based on peculiar data-sets. For
example, the report notes that clothing and shoes cost 10% less than the
OECD average, however, a trip to a retail store may make you think that
the report is not considering realities in the larger cities. It is
true, that if you ignore the wants of consumers for luxury brands, then,
the report may come to valid conclusion, however, the reality seems far
from the data.
Is this one of the many reports in Korea that simply started with a conclusion? What do you think?
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