- Korea Foundation
- Special Lectures on Korea 2015
- Jung Soo SEO
- KAC, Keimyung University
- Daegu Korea
- October 22, 2015
- Nazarbayev University
On the 70th Anniversary of Korea’s independence from Japanese Annexation, NSO released some interesting statistics for Korea - On the 70th Anniversary of Korea’s independence from Japanese Annexation, NSO released some interesting statistics for Korea
These figures place Korea in 2014 as - These figures place Korea in 2014 as
- 7th largest trading countries by exports & imports (IMF WEO DB)
- 13th largest economy by GDP (IMF WEO DB)
- 13th highest internet penetration ratio (World Bank WDI DB)
- 27th largest country by population size (World Bank WDI DB)
- 31th richest economy by GDP per capita (IMF WEO DB)
- Source: IMF World Economic Outlook Database
- Source: IMF World Economic Outlook Database
Fortune Global 500 (2014), - Fortune Global 500 (2014),
- Ranked Korea on the 7th in terms of the number of companies with 14 companies from Korea was listed
- Source: Fortune (http://fortune.com/global500/)
- Source: Fortune (http://fortune.com/global500/)
It is also indicated that - It is also indicated that
- Korea’s GDP in 2014 is 31,108 folds bigger than that in 1953
- GDP per capita 424 times larger than that in 1953
- Korea’s exports (merchandise) in 2014 was 22,907 times larger than that in 1956
- Korea’s imports (merchandise) in 2014 was 1361 folds bigger than that in 1956
- Thus making Korea’s external merchandise trade 2672 times larger that in 1956
- But Korea is small in size of area
- with a slightly over 100,000km2 of land area, ranked 109th in size
- Smaller than Victoria but 1.5 times bigger than Tasmania
- Arable land is roughly 17% of the area
- Not well endowed with natural resources
- With a very high imported energy dependence ratio of 95.6%
- Country Size by Area ('14)
- (km2)
| | - Import Energy Dependence ('15.04)(%)
| | - Population Density ('13)
- (persons/㎢)
| | | | - Still confronting with hostile North Korea
- The devastated economy during the Korean War (1950-1953)
- Short Lived but extremely bloody
- Life loss(incl. deceased, casualties & missing): 2.81 million lives
- S. Korea: 650,000 & UN: 150,000
- N. Korea: 800,000 & Chinese: 1230,000
- Refuges: more than ½ total population
- Highly Destructive to industrial production capacity
- 42% of S. Korea’s manufacturing
- 60% of N. Korea’s industries
- And surrounded with super powers: US, China, Japan and Russia
Korean Economy is - Korean Economy is
- The Miracle on the Han River (World Bank, 1993)
- Asia’s Latest Miracle(Times, 2011.11.15)
- How did Korea achieve such a miraculous economic growth?
Average Growth Rate,1953-1960 - Average Growth Rate,1953-1960
- 5.3%p.a.
- Resulting Market Saturation
- National Priority Goal: Reunification of Korean Peninsula
- Source of Economic Growth?
- Foreign Assistance from US
- Growth Strategy?
- Industrialization & Inward Looking
- Import Substitution
Political Leadership Committed to Economic Development - Political Leadership Committed to Economic Development
- Came into power: 1961 Military Coup
- Government-Led Economic Development
- 1st Five-Year Economic Development Plan(FYEDP) (1962-1966) & 2nd FYEDP
- Average Economic Growth Rate (1962-1971): 9.9% p.a.
- Growth Strategy
- Outward Looking & Export Promotion
- Manufacturing; Labor Intensive manufacturing
Policies and Incentives - Policies and Incentives
- How to make export competitive?
- “Getting Prices Right”
- Unified Exchange Rate System (1961)
- Devaluation of Korean Currency by 50% (1964)
- Tax Concessions
- Import Liberalization
- Free import of materials and equipment used for export activities
- Negative Import List System (1967)
- Generous waste allowance for export business
Policies and Incentives - Policies and Incentives
- How to make export competitive?
- “Getting Prices Right”
- Unified Exchange Rate System (1961)
- Devaluation of Korean Currency by 50% (1964)
- Tax Concessions
- Free import of materials and equipment used for export activities
- Generous waste allowance for export business
Policies and Incentives - Policies and Incentives
- Non-Pecuniary
- Normalization of Diplomatic Relationship with Japan (1965)
- Foreign Capital
- Export Market
- Source of Advanced Technology
1972-1981 Average Growth Rate: 9.0% p.a. - 1972-1981 Average Growth Rate: 9.0% p.a.
- 3rd (1972-1976) and 4th (1977-1981) Five Economic Development
- Creating Comparative Advantage
- Heavy Government Intervention
- By promoting Heavy and Chemical Industries
- Iron & Steel, Non-Ferrous Metal, Shipbuilding, Petrochemical, Machinery and Electrical
- Capital-Intensive & Energy-Intensive
Do'stlaringiz bilan baham: |
