Youth Higher Education Completion Rate Ranks 1st in OECD... Public Education Spending as Percentage of GDP Declines

Analysis of 'OECD Education Indicators 2023'

The proportion of young adults graduating from university in South Korea was found to be the highest among OECD (Organisation for Economic Co-operation and Development) countries. However, the ratio of public education expenditure relative to GDP was found to be at the OECD average level.

According to the results of the "OECD Education Indicators 2023" analyzed by the Ministry of Education and the Korea Educational Development Institute on the 12th, as of 2021, the higher education attainment rate of young adults in South Korea (aged 25-34) was 69.3%. Higher education includes junior colleges, universities, and graduate schools. The OECD average was 47.2%, confirming that South Korea's attainment rate ranks first among all countries.

Enrollment rates by age group were 96.1% for age 3, 97.5% for age 4, 98.7% for ages 6-14, 85.8% for ages 15-19, and 50.7% for ages 20-24, each higher than the OECD average. On the other hand, enrollment rates for age 5 and ages 25-29 were 93.3% and 7.9%, respectively, both lower than the OECD average.

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As of 2020, the ratio of public education expenditure (from elementary to higher education) to GDP was 5.1%, which was at the OECD average level. This represents a 0.2 percentage point decrease compared to 2019. However, the relative proportion of government spending within public education expenditure rose to 78.9%, an increase of 3.5 percentage points from 2019.

In 2020, the public education expenditure per student was $14,113, which increased by 2% ($294) compared to 2019 and was higher than the OECD average.