Korea’s overall entrepreneurship mentality improved this year, but still fell behind most member countries of the Organization for Economic Cooperation and Development, according to a report.
The Global Entrepreneurship Development Institute said in its annual report that Korea ranked 28th among 130 countries with 54.1 in its Global Entrepreneurship Index, or GEI. It was up four slots from 2014.
GEI measures a country’s overall attitude and conditions for business practices, including the people’s level of creativity and business regulations.
Of the 34 OECD countries, however, Korea came in 22nd. The United States topped the list with 85, followed by Canada with 81.5 and Australia with 77.6.
Analysts said Korea needs to boost its overall entrepreneurship mentality to attain higher economic growth.