Esp - 1c (Group 8) Korea Selatan

OBSERVE ECONOMICS DEVELOPMENT
IN KOREA
Anisah Fitri Salsabilah (4123600087)
Annisa Dwi Nuraini (4123600190)
Zaskia Putri Wibowo (4123600127)
ESP For Economics 1C

Observing the Economic
Development of South
Korea
South Korea's economic growth has been remarkable. Let's explore the factors
contributing to its success and its future prospects.
The Introduction to South Korea
Geography Population & Culture
Located in East Asia, South Korea is surrounded With a population of over 51 million, South Korea
by the ocean and has a rugged mountainous has a rich cultural heritage and modern pop
terrain. culture.
Economy Government
South Korea's economy is the 4th largest in Asia, South Korea is a democratic country with a
with a strong focus on technology, manufacturing, presidential system and has a strong partnership
and international trade. with the US.
The History of South Korea's Economic
Development
1 The 1950s
South Korea was one of the poorest countries in the world, devastated by the Korean War.
2 The 1960s and 1970s
President Park Chung Hee's government introduced export-oriented policies, leading to rapid
industrialization and economic growth.
3 The 1980s
South Korea's economy continued to grow, with investments in technology and electronics.
4 The 1990s
South Korea became a member of the OECD, experiencing a surge in consumer goods production
and export.
History of South Korea's rapid economic
growth between 1970 and 1995.
This increase is accompanied by the agglomeration of the private sector and the financial sector, as well as the
migration of residents from rural areas to urban areas. Some important facts around the history of south korea
economy.
In the 1960s
South korea has established and implemented an export-based economic development plan. In the beginning,
most exports were light industrial products such as textiles, shoes, and toys.
South korea gross domestic product (GDP)

More than tripled from $504.6 billion in 2021 to $1.64 trillion
South korea economy

South korea economy has managed to overcome the economic crisis and continues to grow rapidly.
Success economic
South korea economic success cannot be separated from Park Chung-hee role as the foundation for south
korea economic development. Park Chung-hee is very intense with the development program and his
ettention is devoted to implementing basic programs for korean development.
Economic south korea now

Currently, cultural content such as music, games, movie, and webtones are emerging as important industries
that drive south korea's economy
South korea is joined
South korea is a member of several international economic organizations such as the G20 and Asia Pacific
Economic Cooperation (APEC). In history, south korea has achieved rapid economic growth and become a
developed country in the world.
Factors Influencing the Growth of South
Korea's Economy
Chaebols Investment in Focus on High-Tech

Infrastructure Industries
Concentration of power and
resources in large family-owned South Korea has invested heavily South Korea has capitalized on its
businesses known as chaebols has in infrastructure, including skilled workforce and invested in
been a key factor in the growth of transportation and energy, to high-tech industries such as
South Korea's economy. support economic growth. electronics and biotechnology.
Globalization and Trade
South Korea's open trade policies

and emphasis on exports have
Government Strategies for Economic
Development
1 Economic Planning
The government has implemented five-year economic plans, with a focus on export-led growth,
infrastructure investment, and high-tech industries.
2 Inward Investment
The government has provided incentives for foreign investment, particularly in the shipping, steel,
and petrochemical industries.
3 Education and Industry Partnership
The government has collaborated with industries to develop educational and training programs to
develop a skilled workforce in line with industry needs.
Industrial Sector Development in South Korea
Electronics Automotive
South Korea has some of the world's largest and South Korea is also known for its automotive
most innovative electronics companies, including industry, with brands like Hyundai and Kia
Samsung and LG. expanding globally.
Shipbuilding Steel
South Korea is the world's largest shipbuilding Steel production is another significant sector in
and offshore contractor, with major companies South Korea's economy, with companies like
like Hyundai Heavy Industries and Samsung POSCO among the largest in the world.
Heavy Industries.
The 1997 Economic Crisis in South Korea
Imbalance and Policy and Banking Restructuring and

Overreliance Weaknesses Recovery
South Korea's economy was The government's policy mistakes, South Korea implemented
overreliant on exports, with a poor corporate governance, and restructuring policies that led to
strong emphasis on low-cost weak banking system contributed tough economic reforms and a
manufacturing. This caused a large to the 1997 Asian Financial Crisis. strong recovery in the following
trade imbalance and unsustainable decade.
levels of debt.
The Future of South Korea's Economy
1 Innovation 2 Digitalization 3 International

Cooperation
South Korea is investing in South Korea is continuing
research and development, to expand its digital South Korea is cooperating
leading to innovations in infrastructure and online with other countries to
biotechnology, services, including e- diversify its trade and
nanotechnology, and commerce, 5G technology, investment partners,
renewable energy. and artificial intelligence. including the US-China
trade war and participation
in the CPTPP agreement.
Conclusions and recommendations for
Indonesia.
South Korea has achieved a high level of prosperity with a strategic approach to economic development. The
recommendation for Indonesia is to focus on innovation, research, investment in education, and development of a
strong manufacturing sector to achieve sustainable economic growth.
Reference From
Ekonomi Terbuka Kapitalisme : Korea.net : The official website of the Republic of Korea
https://id.korean-culture.org/id/152/korea/69
https://feb.ub.ac.id/kuliah-tamu-sejarah-perkembangan-perekonomian-korea-selatan/
https://journal.unt.ac.id/index.php/mozaik/article/view/4336
https://lib.ui.ac.id/file?file=digital%2F118814-T+25108-Kebijakan+Korea-Analisis.pdf

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OBSERVE ECONOMICS DEVELOPMENT

Annisa Dwi Nuraini (4123600190)

Zaskia Putri Wibowo (4123600127)

ESP For Economics 1C

2 The 1960s and 1970s

South korea gross domestic product (GDP)

South korea economy

Economic south korea now

South korea is joined

Chaebols Investment in Focus on High-Tech

Globalization and Trade

South Korea's open trade policies

3 Education and Industry Partnership

Imbalance and Policy and Banking Restructuring and

1 Innovation 2 Digitalization 3 International

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