South Korea

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Economic Growth - South Korea (An NIC) :

Economic Growth - South Korea ( An NIC) Presented By ATIYA KAMAL FATIMA

South Korea:

South Korea Facts and Figures Name South Korea ( long form ) Republic of Korea Population 48,422,600 Capital City Seoul (9.8 mil) metro (20.5 mil) Languages Korean, English National Day August 15 Official Currency South Korean Won (KRW) Religions No affiliation (46%), Buddhist (26%) Christian (26%)

What were the CAUSES of South Korea's rapid economic growth?:

What were the CAUSES of South Korea's rapid economic growth? the government realised that agricultural production was not the route to economic growth and as a result encouraged foreign investment e.g. from the USA and themselves invested in large companies such as the state-owned Steel Works (Pohang Iron and Steel corporation)

What were the CAUSES of South Korea's rapid economic growth?:

What were the CAUSES of South Korea's rapid economic growth? South Korean firms (such as Hyundai, Samsung and Daewoo) were also producted by high import taxes - this ensured that there was a sufficient market for goods, further stimulating production . A dedicated and substantial workforce was available, willing to work long hours

What have the CONSEQUENCES of South Korea's rapid economic growth been?:

What have the CONSEQUENCES of South Korea's rapid economic growth been? More jobs were available, helping to reduce unemployment and with the rise in income, there was more money available in the country for buying consumer goods and helping to increase standards of living The increase in purchase of consumer goods (e.g. cars / electrical goods), created more demand for the goods and therefore led to a further increase in the market :

DISADVANTAGES OF RAPID INDUSTRIAL GROWTH::

DISADVANTAGES OF RAPID INDUSTRIAL GROWTH: SOCIAL PROBLEMS unequal pay (women and immigrants paid only 50-75% the wages paid to men), sweat shop working conditions for some and an increase in child labour increased rural-urban migration (the most innovative began moving away from the countryside into the nearby cities for work

DISADVANTAGES OF RAPID INDUSTRIAL GROWTH:

DISADVANTAGES OF RAPID INDUSTRIAL GROWTH ENVIRONMENTAL PROBLEMS noise, air and water pollution increased due to the rapid industrialisation - the increase in factories led to smog over cities increased traffic volumes led to taxes on road use in the capital, Seoul - in some areas which experienced an increase in population, services such as sewage treatment were not able to cope

DISADVANTAGES OF RAPID INDUSTRIAL GROWTH:

DISADVANTAGES OF RAPID INDUSTRIAL GROWTH ECONOMIC PROBLEMS when there was a downturn in World Trade in 1997, many S Korean banks faced huge debts / bankruptcy

South Korea Statistical Figures:

South Korea Statistical Figures Rank 15th (nominal) / 12th (PPP) Currency South Korean Won (KRW) Trade organisations APEC , WTO , OECD , G-20 Statistics GDP PPP : $1.423 trillion (2010 est.) Nominal: $1.007 trillion (2010 est.) GDP growth 6.1% (2010 est.) GDP per capita PPP: $30,200 (2010 est.) Nominal: $20,265 (2010 est.) GDP by sector agriculture (3.0%), industry (39.4%), services (57.6%) (2008 est.) Inflation ( CPI ) 3% (2010 est.) Population Below poverty line 2% (2004 est.) Gini index 31.4 (2009) Labour force 24.62 million (2010 est.) Labour force by occupation agriculture: 7.3%; industry: 24.3%; services: 68.4% (2010 est.)

South Korea Statistical Figures :

South Korea Statistical Figures Unemployment 3.3% (2010 est.) Main industries electronics , telecommunications , automobile production, chemicals , shipbuilding , steel Ease of Doing Business Rank 16th [1] External Exports $466.3 billion ( 6th ; 2010 est.) Export goods semiconductors, wireless telecommunications equipment, motor vehicles, computers, steel, ships, petrochemicals External Main export partners China 23.2%, United States 10.1%, Japan 5.8%, Hong Kong 5.3% (2009 est.) Imports $417.9 billion ( 8th ; 2010 est.) Import goods machinery, electronics and electronic equipment, oil, steel, transport equipment, organic chemicals, plastics Main import partners China 16.8%, Japan 15.3%, United States 9%, Saudi Arabia 6.1%, Australia 4.6% (2009 est.) FDI stock abroad: $115.6 billion (31 December 2009) Gross external debt $370.1 billion (31 December 2010 est.) Public finances Public debt 23.7% of GDP (2010 est.) Revenues $248.3 billion (2010 est.) Expenses $267.3 billion (2010 est.) Economic aid ODA, $900 million ( donor ) (2009) [2] aid to North Korea excluded Credit rating Standard & Poor's : [3] A+ (Domestic)

South Korea strategy to Grow.:

South Korea strategy to Grow. South Korea usually benefit from comparatively low labor costs , which translates into lower input prices for suppliers . As a result, it is often easier for producers in NICs to outperform and outproduce factories in developed countries , where the cost of living is higher, and labor unions and other organizations have more political sway. This comparative advantage is often criticized by advocates of the fair trade movement.

Conclusion:

Conclusion Our primary goal in delvelopmnet must be reduced the disparities across countires...... Key development challenge of our time is the challenge of inclusion ....... (james D Wolffenshon). Preseident World Bank. 1998.

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