Published: Monday, 21th October 2024
The Standard of living in Iraq is 1.64 times lesser as compared to South Korea.
In this page, you will find side-by-side Standard of Living comparison between Iraq and South Korea. We have created 53 standard-of-living indicators. We average the values and ranges of all those indicators and take a mathematically calculated approach to determine which country has a better standard of living between Iraq and South Korea.
 Indicators  | Iraq  | South Korea  |
|---|---|---|
Gross Domestic Product (GDP)(2023)  | $254.993 billion USD | $1.761 trillion USD |
GDP Per Capita (2023)  | 5,882 USD | 34,165 USD |
GINI Ratio (2023)  | 0.29 | 0.33 |
Inflation on Consumer Prices (2023)  | 4.99 % annually | 3.59 % annually |
Central Government Debt (2023)  | 27.4 % of GDP | 51.2 % of GDP |
Gross Domestic Product (GDP) is a measure of the total value of all goods and services produced within a country in a specific time period, usually a year. It is used to gauge the economic performance of a country and indicates how wealthy and productive a nation is. In simple terms, GDP tells us how much a country is producing and how well its economy is doing.
As per the statistics from the World Bank Data for the year 2023, the total GDP of Iraq is $254.993 billion USD and that of South Korea is $1.761 trillion USD.
On the other hand, Gross Domestic Product (GDP) Per Capita is the average economic output per person in a country. Simply put, it shows how much, on average, each person contributes to the economy, giving an idea of the standard of living and economic well-being of the people in that country.
From the above data, we can say that a person living and working in Iraq contributes less to the country's economy compared to a person working in South Korea.
Indicators | Iraq | South Korea |
|---|---|---|
Human Development Index (HDI) (2024)  | 0.673 | 0.929 |
Human Capital Index (HCI) (2024)  | 0.41 | 0.8 |
Literacy Rate (2023)  | 85.6% (15 years+ above age) | 98.8% (15 years+ above age) |
Life Expectancy Ratio (2023)  | 71.5 years | 83.5 years |
Healthy Life Expectancy Ratio (2023)  | 61 years | 74.5 years |
Poverty Ratio (2023)  | 18.9% of total Population | Yet to Update |
Unemployment Rate (2023)  | 15.53% of total labor force | 2.64% of total labor force |
The Human Development Index (HDI) is a measure used to assess the overall well-being and quality of life of people living in a country. The key dimensions that give a country good HDI rank are a long and healthy life, being knowledgeable and having a decent standard of living.
From the above given statistics, we can see that the HDI of Iraq is [ 0.673 ] and the HDI of South Korea is [ 0.929 ].
The data shows that the people living in Iraq has lower income, life expectancy and education level compared to South Korea.
Indicators | Iraq | South Korea |
|---|---|---|
Gross National Expenditure (2023)  | 79.49 % of GDP | 99.96 % of GDP |
Total Health Expenditure (2023)  | 5.25 % of GDP | 8.3 % of GDP |
Research and Development Expenditure (2023)  | 0.04 % of GDP | 4.93 % of GDP |
Government Expenditure on Education (2023)  | 3.55 % of GDP | 5.4 % of GDP |
International Tourism Expenditure (2023)  | 4,172 million USD | 16,705 million USD |
Number of International Tourists Arrivals (2023)  | 892,000 | Yet to Update |
Military Expenditure (2023)  | 1.67 % of GDP | 2.72 (% of GDP) |
The total Gross National Expenditure of Iraq is 79.49% of its GDP and the total Gross National Expenditure of South Korea is 99.96% of its GDP.
From the above data, we can say that Iraq spends 1.26 times less of its GDP on Gross National Expenditure compared to South Korea.
Indicators | Iraq | South Korea |
|---|---|---|
Number of Doctors (2023)  | 9.72 (Per 10,000 People) | 2.4 (Per 10,000 People) |
Number of Nurses (2023)  | 24.4 (Per 10,000 People) | 10.2 (Per 10,000 People) |
Number of Pharmacists (2023)  | 4.9 (Per 10,000 People) | 1.7 (Per 10,000 People) |
Available Hospital Beds (2023)  | 1.32 (Per 1000 People) | 12.43 (Per 1000 People) |
Pregnant Women Receiving Prenatal Care (2023)  | 87.6 % of total Population | Yet to Update |
Iraq has 4.05 times more Doctors compared to South Korea (Per 10,000 People).
Iraq has 2.39 times more Nurses compared to South Korea (Per 10,000 People).
Indicators | Iraq | South Korea |
|---|---|---|
Agricultural Land (2023)  | 94,240 Sq Km | 16,030 Sq Km |
Forest Area (2023)  | 8,250 Sq Km | 62,770 Sq Km |
CO2 Emissions (2023)  | 0.37 kg per PPP $ of GDP | 0.24 kg per PPP $ of GDP |
Access to Electricity (2023)  | 100 % of total Population | 100 % of total Population |
Access to Internet (2023)  | 78.72 % of total Population | 97.17 % of total Population |
Annual Fresh Water Withdrawals (2023)  | 56.61 Billion cubic meters | 29.2 Billion cubic meters |
100% of the total Population of Iraq has access to the electricity in their homes, whereas, in case of South Korea, 100% of the total Population has access to electricity.
Indicators | Iraq | South Korea |
|---|---|---|
Time Required to Start a Business (2023)  | 26.5 Days | 8 Days |
New Businesses Registered (2023)  | 3,037 (New Businesses) | 113,180 (New Businesses) |
New Businesses Registration Density (2023)  | 0.12 (Per 1000 People) | 3.09 (Per 1000 People) |
Cost of Business Start-Up Procedures (2023)  | 34.2 % of GNI Per Capita | 14.6 % of GNI Per Capita |
In the year 2023, 3,037 new businesses got registered in Iraq and 113,180 new businesses got registered in South Korea.
It usually takes 26.5 days in Iraq and 8 days in South Korea to register a new business legally and systematically.
Indicators | Iraq | South Korea |
|---|---|---|
Imports of Goods and Services (2023)  | 24.18 % of GDP | 43.94 % of GDP |
Total Fuel Imports (2023)  | 22.88 % of Merchandise Imports | 29.9 % of Merchandise Imports |
Cost to Import Border Compliance (2023)  | 644.44 USD | 314.64 USD |
Time to Import Border Compliance (2023)  | 130.67 Hours | 6 Hours |
Cost to Import Documentary Compliance (2023)  | 500 USD | 26.75 USD |
Time to Import Documentary Compliance (2023)  | 176 Hours | 1 Hour |
Indicators | Iraq | South Korea |
|---|---|---|
Exports of Goods and Services (2023)  | 37.32 % of GDP | 44 % of GDP |
Total Fuel Exports (2023)  | 99.99 % of Merchandise Exports | 9.47 % of Merchandise Exports |
Cost to Export Border Compliance (2023)  | 1,117.86 USD | 184.72 USD |
Time to Export Border Compliance (2023)  | 84.57 Hours | 13.38 Hours |
Cost to Export Documentary Compliance (2023)  | 1,800 USD | 11.1 USD |
Time to Export Documentary Compliance (2023)  | 504 Hours | 1 Hour |
Indicators | Iraq | South Korea |
|---|---|---|
Gross National Savings (2023)  | 40.51 % of GDP | 33.77 % of GDP |
Tax Revenue (2023)  | 1.34 % of GDP | 18.44 % of GDP |
Taxes on Exports (2023)  | 0.0001 % of Tax Revenue | Yet to Update |
Taxes on Goods and Services (2023)  | 0.35 % of Tax Revenue | 16.89 % of Tax Revenue |
Taxes on International Trade (2023)  | 0.89 % of Revenue | 1.4 % of Revenue |
Time to Prepare and Pay Taxes (2023)  | 312 Hours | 174 Hours |
Customs and Other Import Duties (2023)  | 25.66 % of Tax Revenue | 2.46 % of Tax Revenue |
The taxes charged by Iraq on international trade is 0.89% of the total revenue and the taxes charged by South Korea on international trade is 1.4% of the total revenue.
The Taxes charged on International Trade by Iraq is 1.57 times less of its total revenue than of South Korea.
We hope you enjoyed the detailed guide on the standard of living comparsion between Iraq and South Korea.
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