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    Economy of South Korea

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    asmi
    South Korea has a highly developed market economy that ranks 11th in the world by nominal GDP. It has a GDP per capita of $35,485 and has had one of the fastest growing economies in the world since the 1960s. South Korea exports electronics, automobiles, machinery and petrochemicals, mainly to China, the United States and Japan. It has free trade agreements with major economies and was able to avoid recession during the global financial crisis, demonstrating the resilience of its economy.

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    Economy of South Korea

    Uploaded by

    asmi
    39 views4 pages
    South Korea has a highly developed market economy that ranks 11th in the world by nominal GDP. It has a GDP per capita of $35,485 and has had one of the fastest growing economies in the world since the 1960s. South Korea exports electronics, automobiles, machinery and petrochemicals, mainly to China, the United States and Japan. It has free trade agreements with major economies and was able to avoid recession during the global financial crisis, demonstrating the resilience of its economy.

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    South Korea has a highly developed market economy that ranks 11th in the world by nominal GDP. It has a GDP per capita of $35,485 and has had one of the fastest growing economies in the world since the 1960s. South Korea exports electronics, automobiles, machinery and petrochemicals, mainly to China, the United States and Japan. It has free trade agreements with major economies and was able to avoid recession during the global financial crisis, demonstrating the resilience of its economy.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    39 views4 pages

    Economy of South Korea

    Uploaded by

    asmi
    South Korea has a highly developed market economy that ranks 11th in the world by nominal GDP. It has a GDP per capita of $35,485 and has had one of the fastest growing economies in the world since the 1960s. South Korea exports electronics, automobiles, machinery and petrochemicals, mainly to China, the United States and Japan. It has free trade agreements with major economies and was able to avoid recession during the global financial crisis, demonstrating the resilience of its economy.

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    © All Rights Reserved
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    Download as docx, pdf, or txt
    of 4

    Economy of South Korea

    the capital and financial centre of South Korea

    Currency

    South Korean won (KRW)

    Fiscal year

    calendar year

    Trade organizations

    APEC, WTO, OECD, G-20

    Statistics
    GDP

    Nominal: $1.449 trillion (projected numbers)[1] (2014)


    PPP: $1.789 trillion (2014)

    GDP rank

    11th (nominal) / 13th (PPP

    GDP growth

    2.1% (2012

    GDP per capita

    $35,485 (PPP, 2014 est.)

    GDP by sector

    Agriculture: 2.6%, industry: 39.2%, services: 58.2% (2010)

    Inflation (CPI)

    1.1%,[2] Jan 2014

    Population below

    15% (below income of 19,179 USD 2007 est.)[3

    Labour force

    25.18 million (2012 est.)

    Labour force by occupation

    Agriculture: 6.4%, industry: 24.2%, services: 69.4% (2011 est.)

    Unemployment

    3%[

    Main industries

    Electronics
    telecommunications,automobile production,chemicals, shipbuilding, steel

    External

    Exports

    $557.3 billion (7th; 2013 est.)

    Export

    semiconductors, wirelesstelecommunicati

    goods

    ons equipment,motor
    vehicles, computers,
    steel, ships, petrochemicals

    Main
    export
    partners

    China 24.4%
    United States 10.1%
    Japan 7.1% (2011 est.)[6]

    Imports

    $516.6 billion (8th; 2013 est.)

    Import

    machinery, electronics and electronic

    goods

    equipment, oil, steel,transport equipment,


    organic chemicals, plastics

    Main
    import
    partners

    China 16.5%
    Japan 13.0%
    United States 8.5%
    Saudi Arabia 7.1%
    Australia 5.0% (2011 est.)[7]

    FDI stock abroad: $223.2 billion (31 December


    2013)
    Gross ext $430.9 billion (31 December 2011 est.)
    ernal debt

    South Korea is a member of the Organization for Economic Co-operation and Development (OECD)
    and the G-20 major economies. South Korea has a market economy that ranks 11th in the world
    by nominal GDP and 13th by purchasing power parity(PPP). It is a developed country, with
    a developed market and a high-income economy. South Korea is the only developed country
    included in the group of Next Eleven countries. South Korea had one of the world's fastest growing
    economies from the early 1960s to the late 1990s, and remains one of the fastest growing

    developed countries in the 2000s.[12] South Koreans refer to this growth as the Miracle on the Han
    River[13] of Heavy-Chemical Industry Drive, and the top four chaebol generate 90% of South Korean
    conglomerate profits.[14][15]
    By creating favorable policy directive for economic development as preceded by Japanese economic
    recovery[16] as the logistic supplying bastion for American troops in the Korean peninsula during and
    after the Korean War,[17] South Korea's rigorouseducation system and the establishment of a highly
    motivated and educated populace is largely responsible for spurring the country's high technology
    boom and rapid economic development.[18] Having almost no natural resources and always suffering
    from overpopulation in its small territory, which deterred continued population growth and the
    formation of a large internal consumer market, South Korea adapted an export-oriented economic
    strategy to fuel its economy, and in 2012, South Korea was the seventh largest exporter and seventh
    largest importer in the world. Bank of Korea and Korea Development Institute periodically release
    major economic indicators and economic trends of the economy of South Korea.[19][20]
    In the 1997 Asian financial crisis, the South Korean economy suffered a liquidity crisis[21] and relied
    on the bailout by the IMF that restructured and modernized the South Korean economy with
    successive DJnomics policy by President Kim Dae Jung,[22][23][24]including the resultant of the national
    development of the ICT industry.[25] Despite the South Korean economy's high growth potential and
    apparent structural stability, South Korea suffers perpetual damage to its credit rating inTHE STOCK
    MARKET

    due to the belligerence of North Korea in times of deep military crises, which has an

    adverse effect on the financial markets of the South Korean economy.[26][27] However, renowned
    financial organizations, such as the International Monetary Fund, also compliment the resilience of
    the South Korean economy against various economic crises, citing low state debt, and high fiscal
    reserves that can quickly be mobilized to address any expected financial emergencies. [28] Other
    financial organizations like the World Bank describe Korea as one of the fastest-growing major
    economies of the next generation along with BRIC and Indonesia. [29] South Korea was one of the few
    developed countries that was able to avoid a recession during the global financial crisis,[30] and its
    economic growth rate will reach 6.1% in 2010,[31] a sharp recovery from economic growth rates of
    2.3% in 2008 and 0.2% in 2009 when the global financial crisis hit. The South Korean economy
    again recovered with the record-surplus of US$70.7 billion mark of the current account in the end of
    2013, up 47 percent growth from 2012, amid uncertainties of the global economic turmoil, with major
    economic output being the technology products exports.[32]
    South Korea was a historical recipient of official development assistance (ODA) from OECD.
    Throughout the 1980s until the mid-1990s, South Korea's economic prosperity as measured in GDP
    by PPP per capita was still only a fraction of industrialized nations. [33] In 1980, the South Korean GDP
    per capita was $2,300, about one-third of nearby developed Asian economies such as Singapore,
    Hong Kong, and Japan. Since then, South Korea has advanced into a developed economy to

    eventually attain a GDP per capita of $30,000 in 2010, almost thirteen times the figure thirty years
    ago. The whole country's GDP increased from $88 billion to $1,460 billion in the same time frame.
    [34]

    In 2009, South Korea officially became the first major recipient of ODA to have ascended to the

    status of a major donor of ODA.[8] Between 2008 and 2009, South Korea donated economic aid of
    $1.7 billion to countries other than North Korea. South Korea's separate annual economic aid to
    North Korea has historically been more than twice its ODA.[35] On June 23, 2012, South Korea is
    landmarked to become the 7th member of the 20-50 club (with the population surpassing 50 million
    and maintaining per capita income of US$20,000), chronologically, after Japan, United States of
    America,France, Italy, Germany and United Kingdom.[36] A free trade agreement between the United
    States of America and the Republic of Korea was concluded on April 1, 2007. The European Union
    South Korea Free Trade Agreement was signed on 15 October 2009. The South Korean economy is
    heavily dependent on the energy imports and the related refinery technologies

    [37][38][39]

    in association

    with the Ministry of Knowledge Economy [40] and in accordance with the South Korea-Australia Free
    Trade Agreement.[41] The CanadaSouth Korea Free Trade Agreement was concluded in
    2014. ChinaSouth Korea Free Trade Agreement went official on November 10 2014. South Korea
    has the largest indoor Amusement park in the world, Lotte World, adding to the notable exportoriented music industry[42][43] guided by the Ministry of Culture, Sports and Tourism of the Republic of
    Korea[44] (for more, see Korea K-Pop Hot 100).

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