South Korea is one of the countries that maintain a successful economy and as a result, the country’s GDP per capita has increased from $5,438 during 1989 to about 17,078 in the year 2009. Former President, Park Jung Hee is responsible for the increase in GDP per capita and a successful economy due to his strict ways of leadership. Because of his stringent guidelines, Korea developed World leading companies in manufacturing, building ships, chemicals, and electronics.
After the establishment of global recession in 2008, South Korea continued to work hard which lead to a strong progress in their economy. The government of Korea decided to reduce taxes, increase liquidity as well as financial expenditure. Korea also kept their exchange rates constant and reduced their interest rates. Korea managed a trade about more than $41.7 billion in the year 2010.
As South Korea trades with other APEC members, their trade for exports are 67%, making their exports are about $280.4 billion worth of merchandise and their trade for imports are 61%, which makes about $266.3 billion worth of merchandise. Korea mainly trades with Japan, China, and United States. One of the problems that Korea has in trade is agriculture and cattle which gave rise to a conflict on the Korea and U.S. Free Trade Agreement. However, both countries were able to pass the agreement.
Korea is developing methods to increase sustainability and to decrease their dependency in natural resources which are gas, oil, and minerals. Korea hopes to provide these methods to guide companies towards reducing energy use. (Kor699)
By Jenalyn Camagong
For recent economic information see;
UHERO APEC Project
http://www.uhero.hawaii.edu/74/apec-project
For flag, map, pictures and information see:
World Factbook, The
https://www.cia.gov/library/publications/the-world-factbook/geos/ks.html