In 2023, Chile marked the highest general government expenditure on social protection at 27.64% of GDP, followed by Finland at 22.97% and Italy at 22.72%. Chile's expenditure surged by 31.69% from the previous year, reflecting a notable uptick. In contrast, countries like Norway and Ireland saw significant declines in their expenditures by -5.57% and -3.76%, respectively. The UK, Japan, and the USA displayed moderate increases of around 1.48% to 1.58%. Over a five-year period, a compound annual growth rate suggests stable or modest growth for most countries, with fluctuations mainly noted in emerging and smaller economies.
Future trends to watch include:
- Potential policy shifts in OECD countries that might impact social protection funding.
- Economic pressures that could necessitate increased expenditure in social protection, especially in countries with aging populations like Japan and Italy.
- Emerging economies may show heightened changes as they continue to balance growth with social spending needs.
Top countries in General Government Expenditure on Social Protection by Country
| # | 10 Countries | Percent of GDP | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 Chile | 27.64 | 2023 | +26.66% | +31.69% | View data |
| 2 | 2 Finland | 22.97 | 2023 | -2.63% | -1.08% | View data |
| 3 | 3 Italy | 22.72 | 2023 | +4.43% | +1.92% | View data |
| 4 | 4 Austria | 21.13 | 2023 | +2.54% | +0.94% | View data |
| 5 | 5 Belgium | 20.72 | 2023 | +2.01% | +1.46% | View data |
| 6 | 6 Germany | 20.53 | 2023 | +0.84% | +1.27% | View data |
| 7 | 7 Luxembourg | 18.66 | 2023 | -2.47% | +0.76% | View data |
| 8 | 8 Slovenia | 17.59 | 2023 | +0.017% | +1.18% | View data |
| 9 | 9 Japan | 17.15 | 2023 | +0.43% | +1.57% | View data |
| 10 | 10 United Kingdom | 16.14 | 2023 | +0.3% | +1.58% | View data |
