South Korea Spends Record Sum on Education

SEOUL (AFP) — South Koreans spent nearly 30 billion dollars on education in 2008, more than in any previous year, despite the deepening economic downturn, official figures showed Sunday.

The increase, due largely to a rise in spending on private teaching including English-language learning, indicated South Koreans were reluctant to cut back on education despite a dramatic economic slowdown.

Household spending on education reached an all-time high of 39.8 trillion won (29.5 billion dollars) in 2008, up 7.7 percent from a year earlier, the Yonhap news agency said, citing Bank of Korea figures.

The global financial crisis has dampened consumer spending in South Korea and fueled a rise in unemployment.

The country’s per-capita gross national income fell to 19,231 dollars last year from 21,695 dollars in 2007.