South Korea Economy

By: EconomyWatch Content   Date: 30 March 2010

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 The 2010 GDP growth estimates is based on a Bloomberg survey of 28 economies including Europe. In this survey, South Korea Economy is shown higher than the US, with 3.95% as its growth estimate with 10th rank while the US is 2.60% and is ranked number 14. Since the 1960s, South Korea has been on a growth expressway, thereby earning an apt nickname as the ‘miracle on Han river.’

South Korea Economy Profile

Driven by aggressive manufacturing oriented towards exports, South Korea economy rose to become the world’s eighth biggest exporter of goods. Clearly considered an advanced economy by international bodies such as the IMF, CIA and World Bank, South Korea’s economic profile has won a string of plaudits, including:

 

  • World’s 8th largest exporter: Ahead of the UK, Russia and Canada.

  • World’s Trading Partner: 3rd largest trader with China and Japan, 7th with the US and 8th with the EU.

  • World’s largest shipbuilder: including world’s largest shipyard run by Hyundai Heavy Industries.

  • World’s 5th largest automobile manufacturer: including world’s largest automobile assembly plant (Hyundai Motors).

  • Asia’s largest oil exporter.

  • World’s highest internet connectivity or access with one of the fastest networks as well.

  • World’s largest manufacturer of screen displays (LCD, CRT, Plasma, etc).

  • World’s fastest increase in patents registered.

  • World's largest electronics manufacturing firm: Samsung Electronics.

  • World’s second largest steel maker: POSCO

  • World’s largest producer of computer memory chips. 

South Korea Economy Reactions to Recession

A comparative look at the national debt figures against GDP will reveal that South Korea’s debt is at a mere 34%. The US debt figure is at 60.8%, Canada is at 62.3%, Italy is at 103.7%, France is at 67%, UK is at 47.2%, Germany is at 62.5%, Japan is at 170.4% and India is at 78%. Of course, South Korea did not come out of the 2008 global downturn, despite having survived the Asian financial crisis of 1998 due to various economic reforms and further opening up of trade and foreign investment.

In 2008, South Korea GDP dipped to 2.2% and then to 0.8%. The current forecasts for 2010 are projected at 5% by the South Korean Finance Ministry. If the country stays firm with this figure, they will retain their position as the 15th largest economy in the world.  



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