Economy in South Korea

University of International Business Economy in South Korea Almaty, 2011 South Korea, officially the Republic of Korea (ROK). Currency South Korean Won (W) Geography Area: 98,480 sq. km. (38,023 sq. mi.); slightly larger than Indiana. Cities (2010): Capital-Seoul (10.5 million). Other major cities-Busan (3.6 million), Daegu (2.5 million), Incheon (2.7 million), Gwangju (1.4 million), Daejeon (1.4 million), Ulsan (1.1 million). People Nationality: Korean(s). Population (2010): 48,636,068. Annual population growth rate (2010): 0.258%. Ethnic groups: Korean; small Chinese minority (about 20,000). Religions: Christianity, Buddhism, Shamanism, Confucianism, Chondogyo. Language: Korean; English widely taught in junior high and high school. Education: Years compulsory-9.

Enrollment-11.5 million. Attendance-middle school 99%, high school 95%. Literacy-98%. Health (2010): Infant mortality rate-4.24/1,000. Life expectancy-78.81 yrs. (men 75.56 yrs.; women 82.28 yrs). Total labor force (2010): 24.37 million. Labor force by occupation (2007): Services-67.7%; industry-25.1%; agriculture-7.2%. Government Type: Republic with powers shared between the president, the legislature, and the courts. Liberation: August 15, 1945. Constitution: July 17, 1948; last revised 1987. Branches: Executive-President (chief of state); Prime Minister (head of government).Legislative-unicameral National Assembly. Judicial-Supreme Court and appellate courts; Constitutional Court. Subdivisions: Nine provinces, seven administratively separate cities (Seoul, Busan, Incheon,

Daegu, Gwangju, Daejeon, Ulsan). Political parties: Grand National Party (GNP); Democratic Party (DP), formerly known as United Democratic Party (UDP); Liberty Forward Party (LFP); New Progressive Party (NPP); Pro-Park Alliance (PPA); Renewal Korea Party (RKP). Suffrage: Universal at 19. Government budget (2010): Expenditures-$227.2 billion. Defense (2009): 2.5% of GDP. Economy GDP (purchasing power parity in 2010): $1.364 trillion. Real GDP growth rate: 2008, 5.1%; 2009, 2.3%; 2010, 0.2%. GDP per capita (2010, current U.S. $): $17,074. Unemployment rate (2010): 3.6%. Inflation rate (consumer prices): 2009, 4.7%; 2010, 2.8%. Natural resources: Coal, tungsten, graphite, molybdenum, lead, hydropower potential. Agriculture: Products-rice, root crops, barley, vegetables, fruit,

cattle, pigs, chickens, milk, eggs, fish. Arable land-16.58% of land area. Industry: Electronics, telecommunications, automobile production, chemicals, shipbuilding, steel. Trade (2009): Exports-$363.5 billion: semiconductors, wireless telecommunications equipment, motor vehicles, computers, steel, ships, petrochemicals. Imports- $323.1 billion: crude oil, food, electronics and electronic equipment, machinery, transportation equipment, steel, organic chemicals, plastics, base metals and articles. Major export markets (2010)-China (23.2%), U.S. (10.1%), Japan (5.8%), Hong Kong (5.3%), Singapore (3.6%). Major importers to South Korea (2009)-China (16.8%), Japan (15.3%), U.S. (9.0%), Saudi Arabia (6.1%), Australia (4.6%). Over the past several decades, the Republic of Korea has

achieved a remarkably high level of economic growth, which has allowed the country to rise from the rubble of the Korean War into the ranks of the Organization for Cooperation and Development (OECD). Today, South Korea is the United States' seventh-largest trading partner and is the 15th-largest economy in the world. In recent years, Korea's economy moved away from the centrally planned, government-directed investment model toward a more market-oriented one. South Korea bounced back from the 1997-98 Asian financial crisis with assistance from the International Monetary Fund (IMF), but its recovery was based largely on extensive financial reforms that restored stability to markets. These economic reforms, pushed by President Kim Dae-jung, helped Korea return to growth, with growth