5 Countries That Spend Most On Their Citizens
BANGALORE: A latest report by the International Labour Organization entitled ‘World Social Protection Report for 2014/2015’ revealed that over 70 percent of the world population is not adequately covered by social protection.
There are governments of some countries where maximum expenditures are allocated mainly for the social protection of its citizens. Read on to find out 5 such nations as listed by the ILO report.
A sovereign country consisting of a large number of islands in Oceania, Solomon Islands is one such nation where Human Development Index is still low with just 0.51 percent.
This nation still remains as one of the poorest countries in the Pacific. Despite this fact, there has been some recent economic progress with GDP per capita increase to almost $1,500.
The government is presently spending 25.5 percent of GDP on healthcare and social improvements for its citizen’s development. Also, many recent economic reforms like a new Foreign Investment Act; tax exemption guidelines; import duty reforms; initiatives to expand financial services in rural areas; endorsement of comprehensive reforms in the state-owned enterprise (SOE); privatization of several unproductive state assets; and, commencement of the implementation of a new Transport Plan for ensuring appropriate funding for transport infrastructure maintenance.
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