Country Analysis South Korea Economics Essay


South Korea is a state in East Asia, located on the southern part of the Korean Peninsula. It is neighbored by the China to the West, Japan to the E, and North Korea to the North. South Korea has undergone an economic miracle and its functionary development aid has been increasing quickly excessively ; it is one of few states to hold moved successfully from a receiver to a giver in the last two decennaries.

Since the 1960s, South Korea has become a theoretical account of economic and political development for the remainder of the universe. Rapid industrialisation helped raise living criterions from among the lowest in the universe to among the highest, and the East Asiatic state made a successful passage to democracy in the early 1990s.

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South Korea today is a to the full functioning modern democracy and has pursued a policy of planetary battle since taking office in February 2008, highlighted by Seoul ‘s hosting of the G-20 acme in November 2010.

In brief:

Capital: Capital of south korea

Official linguistic communication: Korean

Official books: Hangul

Demonym: South Korean, Korean

Government: Presidential democracy

– President Lee Myung-bak

– Prime Minister Kim Hwang-sik

Legislature: National Assembly


PoliticalA Analysis

The South Korean political system is classified under the constitutional democracy administration which is divided into three major classs which are executive, judicial and legislative in the order of falling hierarchy.

The president, the caput of province, is elected by popular ballot for a five-year term. The premier curate, the caput of the authorities, is appointed by the president with the consent of the National Assembly.A The single-chamber National Assembly has 299 members who are elected for four-year footings. Of these, 245 are straight elected in single-seat constituencies and 54 by relative representation

EconomicA Analysis

SouthA Korea’sA economyA hasA boostedA andA haveA comeA aA longA wayA afterA theA affectA A of theA 1997A AsianA financialA crisis.A South Korea was one of the poorest states in the universe in the 1950s, but its rapid transmutation into a hi-tech industrializedA society has made it one of the richest. Annual income per individual rose from under $ 100 in the early 1960s to over $ 20,000 in the late 2000s.A

South Korea has a market economic system which ranks 14th in the universe by nominal GDP and 12th by buying power para ( PPP ) , placing it as one of the G-20 major economic systems.

South Korea is one of the few developed states that is able to avoid a recession during the planetary fiscal crisis, and its economic growing rate will make 6.1 % in 2010, a crisp recovery from economic growing rates of 2.3 % in 2008 and 0.2 % in 2009 when the planetary fiscal crisis hit. The unemployment rate in South Korea besides remained low in 2009 at 3.6 % .

South Korea GDP Growth Rate

Since 2007 to 2010 there is an huge growing in GDP because highly competitory instruction system and a extremely skilled and motivated work force are two cardinal factors driving this cognition economic system.

In 2009 there was a drastic autumn in GDP ( as shown in graph ) the ground for such a autumn was quickly aging population and structural jobs that are going progressively evident.

TheA agriculturalA sectorA ofA SouthA KoreaA contributesA onlyA 4 % A toA theA totalA GDP whereA onlyA 7 % A ofA theA totalA laborA forceA isA employed.A ThisA isA largelyA dueA toA the scarcityA ofA arableA landsA andA heavyA industrialization.A A A

The services sector – banking, insurance, A retailing, health care and touristry – histories for about 55 per centum of GDP. The economic system was small affected by the 2008 planetary recession, undertaking 0.2 per centum in 2009 and retrieving fleetly in 2011.

South Korea Inflation Rate

The current rising prices rate of South Korea is 3.50.

The rising prices rate in South Korea was last reported at 3.3 per centum in November of 2010.

From 1966 until 2010, the mean rising prices rate in South Korea was 8.35 % .

SocioA­culturalA Analysis

The industrialisation and urbanisation of South Korea, particularly Seoul, have brought many alterations to the manner Korean people live. Changing economic sciences and life styles have led to a concentration of population in major metropoliss, with multi-generational families dividing into atomic household populating agreements.

Some of import facts about South Korean civilization and society:

.A South Koreans prefer to make concern with people with whom they have a personal connection.A It is hence important to be introduced by a third-party.

They view contracts as slackly structured consensus statements that loosely define understanding and leave room for flexibleness and accommodation as needed.

Under no fortunes insult or to knock in forepart of others.

South Koreans are highly direct communicators. They are non antipathetic to inquiring inquiries if they do non understand what has been said or need extra elucidation.

Business Meeting Etiquette adopted by south Koreans

The most senior South Korean by and large enters the room foremost.

A It is a good thought to direct both an docket and back-up stuff including information about your company and client testimonies prior to the meeting.

The chief intent of the first meeting is to acquire to cognize each other.

Meetings are used to understand a client ‘s demands and challenges. They lay the foundation for constructing the relationship.

Have all written stuffs available in both English and Korean.


TheA country’sA specializationA intoA scienceA andA technologyA has assistedA inA itsA rapidA economicA growthA makingA itA theA thirteenthA largestA A inA A the universe.

A AmongstA theA listA ofA sophisticatedA industriesA thatA SouthA KoreaA dressed ore includeA cars, A building, A computing machines, A electronics, A robotics, semiconducting materials, A shipbuildingA andA mostA A importantlyA A biotechnology, A A whichA A isA A a majorA competitiveA advantage of the state.

For illustrations:


Roboticss has been included in the list of chief national R & A ; D undertakings in Korea since 2003. Roboticss are besides incorporated in the amusement sector as good.


Since the 1980s, the Korean authorities has invested a batch in the development of a domestic biotechnology industry. They are chiefly in the production of hepatitis vaccinums and antibiotics.

Recently, research and development in genetic sciences and cloning has received increasing attending.

High-technology exports ( % of manufactured exports ) in South Korea

This is a chart with historical informations for High-technology exports ( % of manufactured exports ) in South Korea. High-technology exports are merchandises with high R & A ; D strength, such as in aerospace, computing machines, pharmaceuticals, scientific instruments, and electrical machinery.

We can clearly see that since 1988, South Korea has achieved an unbelievable record of growing into the hi-tech modern universe economic system.

Till 2000, the growing is huge but sudden after 2000 it has declined Economists believe that growing potency has fallen because of a quickly aging population and structural jobs that are going progressively evident.

Legal analysis

South Korea ‘s legal system combines elements of European civil jurisprudence andA Anglo-American jurisprudence.

A The bench is extremely professional and reasonably independent, but it is non wholly free from authorities force per unit area.

Korean legal system does non hold jury. Court composed of 1 or 3 Judgess hears instances.

It is now really controversial in Korea how to heighten the engagement of people into the judicial system.

Since the mid-2000s, South Korea has ranked around 40th place in Transparency International ‘s corruptness perceptual experiences index, which covers near to 180 states.


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