[Column] Real standards of happiness for Koreans

Cho Yoon-je
The author is professor emeritus at Sogang University and a member of the Monetary Policy Board of the Bank of Korea.

No one can doubt that South Korea has turned around nicely. We may be frustrated to see little progress happening over the last few years. But in the 10- to 20-year context, the changes are evident. The Social Indicators in Korea 2022, released by Statistics Korea last month, can be the testimony.

The biggest improvement was made in health and longevity — the basic elements of human life. Average life expectancy at birth increased to 83.6 years from 76 years over the past two decades. Men’s longevity added by more than eight years, from 72.3 to 80.6 years, and women’s nearly by seven years, from 79.7 to 86.6.

The numbers suggest living to be a centenarian may not be that far off. Life expectancy has risen across the world. But South Koreans’ longevity has lengthened exceptionally fast over the past to live the longest life on average after the Japanese.

The fact that people live longer means that many of the medical services and living conditions have improved. Deaths from traffic accidents per 100,000 fell to 5.6 from 21.8, while the crime rate per 100,000 decreased to 2,960 cases from 3,869. Teachers per student and overall student contentment about school life also have improved sharply over the past 10 years.

The improvement for South Koreans came more constantly and faster than others thanks to the country’s staggering economic progress. Their per capita GDP surged from $12,000 to $30,000 over the last 20 years. The ripples of economic advances have seeped across society to provide better living standards without a letup.

But we may not be able to see such dramatic progress in the future. Korea’s economic growth rate already hovers below the global growth rate. At the current pace, the gap will only widen due to its thinning — and rapidly aging — population. The median age of South Koreans jumped from 18.5 in 1970 to 45 in 2022. Until 1980, their median age was younger than the global figure. The younger population fueled fast growth in the economy. But in 2022, South Korea’s median age was 14 years older than the global median. By 2060, their median age is expected to reach 61, which means half of the population would pass the current retirement age of 60.

Not everything has turned positive for the country. The total fertility rate over the last 20 years has halved to 0.78, the world’s lowest. The reading population also has fallen to 45 percent from 60 percent. The number of books read by a person per year halved to 7.3. Trust in others and donations to charity have fallen sharply over the last decade. Respect for the opinions of others, freedom of expression and the employment rate for the disabled have improved little.

The relative happiness of Koreans against advanced nations still remains low. Although the country has a long way to go, it is rapidly losing steam. In the World Happiness Report 2022, in which the UN Sustainable Development Solutions Network measures happiness levels around the world, South Korea ranked 57th, with South Koreans rating their own happiness level at 5.95 out of the perfect 10. Among the 38 countries of the Organisation for Economic Cooperation and Development, South Korea ranked 35th, close to the bottom. Frauds, perjury and false accusations in Korea were far more prevalent than in developed countries. According to the Prosperity Index 2021 compiled by the London-based Legatum Institute, South Korea ranked 147th out of 167 countries in social capital, which reflects mutual trust among individuals and their trust in institutions and systems, much weaker than Taiwan at 21st and China at 54th.

Our work is laid out. We must strive to stop fast deterioration in economic growth and build a social environment where people can become happier even without rapid growth. To achieve the former goal, we must realign the reward/incentive system across the board to revitalize dynamism and prop up economic productivity. For the latter, public policy and system must focus more on enhancing fairness, order and trust in society. The public sector requires a sweeping overhaul. Various research studies show that happiness can come from benevolence and social connectivity as much as individual freedom, which is emphasized in classical economics and neo-liberalism schools. To help Koreans sustain a good life in their longer lives and hand down a better society to future generations, more efforts must be made to enhance benevolence, strengthen social capital and build mental muscles. That cannot be done by the government alone. All community members must do their part in the change.

Translation by the Korea JoongAng Daily staff.