○ In OECD countries, the social benefits of higher education in 2019 were valued at approx. USD 2,000-6,000 in terms of per-capita GDP.
○ The figure for Korea is higher than for other OECD countries, with per-capita social benefits from higher education in the country rising from approx. USD 2,000 in 1997 to approx. USD 6,000 in 2019. In other words, higher education has the positive effect of creating financial benefits valued at USD 6,000 per person in Korea.
○ Given Korea’s per-capita GDP is USD 30,000 currently, 20% of the economic value created by an individual comes from others who have received higher education, which testifies to the level of benefits delivered by higher education for the entire country.
○ The more people receive higher levels of education, the better the economic outcome is for the entire country.
○ The social benefits from higher education steadily rose from 1997 to 2019, but the pace of growth was slowing.