İ-70(I) group Saidova Nafisa Korea Now - On the 70th Anniversary of Korea’s independence from Japanese Annexation, NSO released some interesting statistics for Korea
Korea in the World - 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)
20 Largest Economies in the World by GDP (2014)
Rank
|
Country
|
GDP(US$M)
|
Rank
|
Country
|
GDP(US$M)
|
1
|
United States
|
17,418.93
|
11
|
Canada
|
1,788.72
|
2
|
China
|
10,380.38
|
12
|
Australia
|
1,444.19
|
3
|
Japan
|
4,616.34
|
13
|
Korea
|
1,416.95
|
4
|
Germany
|
3,859.55
|
14
|
Spain
|
1,406.86
|
5
|
United Kingdom
|
2,945.15
|
15
|
Mexico
|
1,282.73
|
6
|
France
|
2,846.89
|
16
|
Indonesia
|
888.648
|
7
|
Brazil
|
2,353.03
|
17
|
Netherlands
|
866.354
|
8
|
Italy
|
2,147.95
|
18
|
Turkey
|
806.108
|
9
|
India
|
2,049.50
|
19
|
Saudi Arabia
|
752.459
|
10
|
Russia
|
1,857.46
|
20
|
Switzerland
|
712.05
| 40 Richest Economies in the World by GDPPC (2014)
1
|
Luxembourg
|
111,716.27
|
21
|
New Zealand
|
43,837.29
|
2
|
Norway
|
97,013.26
|
22
|
United Arab Emirates
|
43,179.78
|
3
|
Qatar
|
93,965.18
|
23
|
Kuwait
|
43,103.34
|
4
|
Switzerland
|
87,475.46
|
24
|
Hong Kong SAR
|
39,871.10
|
5
|
Australia
|
61,219.16
|
25
|
Israel
|
36,990.98
|
6
|
Denmark
|
60,563.62
|
26
|
Brunei Darussalam
|
36,606.83
|
7
|
Sweden
|
58,491.47
|
27
|
Japan
|
36,331.74
|
8
|
San Marino
|
56,820.02
|
28
|
Italy
|
35,823.22
|
9
|
Singapore
|
56,319.34
|
29
|
Spain
|
30,278.35
|
10
|
United States
|
54,596.65
|
30
|
Bahrain
|
28,271.75
|
11
|
Ireland
|
53,461.97
|
31
|
Korea
|
28,100.72
|
12
|
Netherlands
|
51,372.96
|
32
|
Cyprus
|
26,115.46
|
13
|
Austria
|
51,306.67
|
33
|
Malta
|
24,876.20
|
14
|
Iceland
|
51,261.88
|
34
|
Saudi Arabia
|
24,454.02
|
15
|
Canada
|
50,397.86
|
35
|
The Bahamas
|
24,034.19
|
16
|
Finland
|
49,496.72
|
36
|
Slovenia
|
24,019.25
|
17
|
Belgium
|
47,721.59
|
37
|
Taiwan Province of China
|
22,597.73
|
18
|
Germany
|
47,589.97
|
38
|
Portugal
|
22,130.49
|
19
|
United Kingdom
|
45,653.41
|
39
|
Greece
|
21,653.08
|
20
|
France
|
44,538.15
|
40
|
Trinidad and Tobago
|
21,310.83
| Korea in the World - Fortune Global 500 (2014),
- Ranked Korea on the 7th in terms of the number of companies with 14 companies from Korea was listed
Rank
|
Country
|
No. of Companies
|
1
|
United States
|
128
|
2
|
China
|
95
|
3
|
Japan
|
57
|
4
|
France
|
31
|
5
|
Germany
|
28
|
6
|
United Kingdom
|
28
|
7
|
South Korea
|
17
|
8
|
Switzerland
|
13
|
9
|
Netherlands†
|
13
|
10
|
Canada
|
10
| World Largest Companies from Korea by Revenues (2014) Korea in the World - 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
Korea in the world - 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)
|
100,284
|
Import Energy Dependence ('15.04)(%)
|
95.6
|
Population Density ('13)
(persons/㎢)
|
515.9
|
Arable Land('14)(ha)
|
1,691,113
| Korea in the world - 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
Russia
China
Japan
USA
RoK
DPRK
Geopolitics of Korea
Kazakhstan
Korea’s Economic Development… - 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?
Pre-1960s - Average Growth Rate,1953-1960
- National Priority Goal: Reunification of Korean Peninsula
- Source of Economic Growth?
- Foreign Assistance from US
- Growth Strategy?
- Industrialization & Inward Looking
- Import Substitution
1960s The Take Off - 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
1960s The Take Off - 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
1960s The Take Off - 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
1960s The Take Off - Policies and Incentives
- Non-Pecuniary
- Export Target
- Monthly Export Meeting convened by President
- Social Respect
- Normalization of Diplomatic Relationship with Japan (1965)
- Foreign Capital
- Export Market
- Source of Advanced Technology
1970s: Creating Comparative Advantage - 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
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