According to a report, South Korea's business mentality lags behind most members of the Organization for Economic Cooperation and Development (OECD), ranking 22nd out of the 34 nations.
Korea Economic Research Institute (KERI) announced such results, based on the Global Entrepreneurship Index (GEI) 2015, in a report called “South Korea’s Entrepreneurship Facts and Tasks” on Aug. 18. The GEI, released every year, is designed to measure 130 countries’ overall attitude and conditions for business practices, including the people's level of creativity, as well as evaluating the countries’ businesses, regulations, and legal systems, by the Global Entrepreneurship Development Institute (GEDI).
For the GEI this year, South Korea ranked 28th among 130 countries this year, up four slots from 2014. However, it came in 22nd place out of the 34 OECD nations, inching up from the 23rd spot it had claimed the year before.
The United States claimed the top spot in the index, followed by Canada, Australia, the U.K., Sweden, Denmark, Iceland, Taiwan, Switzerland and Singapore, according to the report.
Hwang In-hak, a senior research fellow at KERI, said, “Excluding Japan ranking 33rd and Italy ranking 49th among OECD countries, higher-income countries than Korea have higher GEIs as well. We need to boost entrepreneurship in a bid to grow the economy.”