Published: Monday, 21th October 2024
The Standard of living in Liberia is 3.16 times lesser as compared to South Korea.
In this page, you will find side-by-side Standard of Living comparison between Liberia 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 Liberia and South Korea.
 Indicators  | Liberia  | South Korea  |
|---|---|---|
Gross Domestic Product (GDP)(2023)  | $4.347 billion USD | $1.761 trillion USD |
GDP Per Capita (2023)  | 800 USD | 34,165 USD |
GINI Ratio (2023)  | 0.35 | 0.33 |
Inflation on Consumer Prices (2023)  | 23.56 % annually | 3.59 % annually |
Central Government Debt (2023)  | 20.3 % 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 Liberia is $4.347 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 Liberia contributes less to the country's economy compared to a person working in South Korea.
Indicators | Liberia | South Korea |
|---|---|---|
Human Development Index (HDI) (2024)  | 0.487 | 0.929 |
Human Capital Index (HCI) (2024)  | 0.32 | 0.8 |
Literacy Rate (2023)  | 48.3% (15 years+ above age) | 98.8% (15 years+ above age) |
Life Expectancy Ratio (2023)  | 63.5 years | 83.5 years |
Healthy Life Expectancy Ratio (2023)  | 54 years | 74.5 years |
Poverty Ratio (2023)  | 50.9% of total Population | Yet to Update |
Unemployment Rate (2023)  | 2.94% 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 Liberia is [ 0.487 ] and the HDI of South Korea is [ 0.929 ].
The data shows that the people living in Liberia has lower income, life expectancy and education level compared to South Korea.
Indicators | Liberia | South Korea |
|---|---|---|
Gross National Expenditure (2023)  | Yet to Update | 99.96 % of GDP |
Total Health Expenditure (2023)  | 16.62 % of GDP | 8.3 % of GDP |
Research and Development Expenditure (2023)  | Yet to Update | 4.93 % of GDP |
Government Expenditure on Education (2023)  | 2.42 % of GDP | 5.4 % of GDP |
International Tourism Expenditure (2023)  | 51 million USD | 16,705 million USD |
Number of International Tourists Arrivals (2023)  | Yet to Update | Yet to Update |
Military Expenditure (2023)  | 1.27 % of GDP | 2.72 (% of GDP) |
Indicators | Liberia | South Korea |
|---|---|---|
Number of Doctors (2023)  | 1.71 (Per 10,000 People) | 2.4 (Per 10,000 People) |
Number of Nurses (2023)  | 4.92 (Per 10,000 People) | 10.2 (Per 10,000 People) |
Number of Pharmacists (2023)  | 0.24 (Per 10,000 People) | 1.7 (Per 10,000 People) |
Available Hospital Beds (2023)  | 0.8 (Per 1000 People) | 12.43 (Per 1000 People) |
Pregnant Women Receiving Prenatal Care (2023)  | 97.8 % of total Population | Yet to Update |
Liberia has 1.40 times less Doctors compared to South Korea (Per 10,000 People).
Liberia has 2.07 times less Nurses compared to South Korea (Per 10,000 People).
Indicators | Liberia | South Korea |
|---|---|---|
Agricultural Land (2023)  | 19,230.4 Sq Km | 16,030 Sq Km |
Forest Area (2023)  | 75,871.8 Sq Km | 62,770 Sq Km |
CO2 Emissions (2023)  | 0.14 kg per PPP $ of GDP | 0.24 kg per PPP $ of GDP |
Access to Electricity (2023)  | 31.8 % of total Population | 100 % of total Population |
Access to Internet (2023)  | 33.63 % of total Population | 97.17 % of total Population |
Annual Fresh Water Withdrawals (2023)  | 0.15 Billion cubic meters | 29.2 Billion cubic meters |
31.8% of the total Population of Liberia has access to the electricity in their homes, whereas, in case of South Korea, 100% of the total Population has access to electricity.
Indicators | Liberia | South Korea |
|---|---|---|
Time Required to Start a Business (2023)  | 18 Days | 8 Days |
New Businesses Registered (2023)  | 73 (New Businesses) | 113,180 (New Businesses) |
New Businesses Registration Density (2023)  | 0.02 (Per 1000 People) | 3.09 (Per 1000 People) |
Cost of Business Start-Up Procedures (2023)  | 6.3 % of GNI Per Capita | 14.6 % of GNI Per Capita |
In the year 2023, 73 new businesses got registered in Liberia and 113,180 new businesses got registered in South Korea.
It usually takes 18 days in Liberia and 8 days in South Korea to register a new business legally and systematically.
Indicators | Liberia | South Korea |
|---|---|---|
Imports of Goods and Services (2023)  | Yet to Update | 43.94 % of GDP |
Total Fuel Imports (2023)  | 19.75 % of Merchandise Imports | 29.9 % of Merchandise Imports |
Cost to Import Border Compliance (2023)  | 1,012.5 USD | 314.64 USD |
Time to Import Border Compliance (2023)  | 217 Hours | 6 Hours |
Cost to Import Documentary Compliance (2023)  | 405 USD | 26.75 USD |
Time to Import Documentary Compliance (2023)  | 144 Hours | 1 Hour |
Indicators | Liberia | South Korea |
|---|---|---|
Exports of Goods and Services (2023)  | Yet to Update | 44 % of GDP |
Total Fuel Exports (2023)  | 0.004 % of Merchandise Exports | 9.47 % of Merchandise Exports |
Cost to Export Border Compliance (2023)  | 1,112.5 USD | 184.72 USD |
Time to Export Border Compliance (2023)  | 193 Hours | 13.38 Hours |
Cost to Export Documentary Compliance (2023)  | 330 USD | 11.1 USD |
Time to Export Documentary Compliance (2023)  | 144 Hours | 1 Hour |
Indicators | Liberia | South Korea |
|---|---|---|
Gross National Savings (2023)  | Yet to Update | 33.77 % of GDP |
Tax Revenue (2023)  | 12.46 % of GDP | 18.44 % of GDP |
Taxes on Exports (2023)  | 0.12 % of Tax Revenue | Yet to Update |
Taxes on Goods and Services (2023)  | Yet to Update | 16.89 % of Tax Revenue |
Taxes on International Trade (2023)  | Yet to Update | 1.4 % of Revenue |
Time to Prepare and Pay Taxes (2023)  | 139.5 Hours | 174 Hours |
Customs and Other Import Duties (2023)  | 39.08 % of Tax Revenue | 2.46 % of Tax Revenue |
We hope you enjoyed the detailed guide on the standard of living comparsion between Liberia and South Korea.
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