Economy - overview:South Korea over

Economy - overview:
South Korea over the past four decades has demonstrated incredible economic growth and global integration to become a high-tech industrialized economy. In the 1960s, GDP per capita was comparable with levels in the poorer countries of Africa and Asia. In 2004, South Korea joined the trillion-dollar club of world economies. A system of close government and business ties, including directed credit and import restrictions, initially made this success possible. The government promoted the import of raw materials and technology at the expense of consumer goods, and encouraged savings and investment over consumption. The Asian financial crisis of 1997-98 exposed longstanding weaknesses in South Korea's development model, including high debt/equity ratios and massive short-term foreign borrowing. GDP plunged by 7% in 1998, and then recovered by 9% in 1999-2000. South Korea adopted numerous economic reforms following the crisis, including greater openness to foreign investment and imports. Growth moderated to about 4% annually between 2003 and 2007. South Korea's export focused economy was hit hard by the 2008 global economic downturn, but quickly rebounded in subsequent years, reaching over 6% growth in 2010. The US-Korea Free Trade Agreement was ratified by both governments in 2011 and went into effect in March 2012. Between 2012 and 2014, the economy experienced slow growth due to sluggish domestic consumption and investment. The administration in 2015 is likely to face the challenge of balancing heavy reliance on exports with developing domestic-oriented sectors, such as services. The South Korean economy's long-term challenges include a rapidly aging population, inflexible labor market, dominance of large conglomerates (chaebols), and the heavy reliance on exports, which comprise about half of GDP. In an effort to address the long term challenges and sustain economic growth, the current government has prioritized structural reforms, deregulation, promotion of entrepreneurship and creative industries, and the competitiveness of small and medium enterprises.
GDP (purchasing power parity):
$1.781 trillion (2014 est.)
$1.724 trillion (2013 est.)
$1.676 trillion (2012 est.)
note: data are in 2014 US dollars
country comparison to the world: 14
GDP (official exchange rate):
$1.41 trillion (2014 est.)
GDP - real growth rate:
3.3% (2014 est.)
2.9% (2013 est.)
2.3% (2012 est.)
country comparison to the world: 89
GDP - per capita (PPP):
$35,300 (2014 est.)
$34,100 (2013 est.)
$33,200 (2012 est.)
note: data are in 2014 US dollars
country comparison to the world: 46
Gross national saving:
35.1% of GDP (2014 est.)
34.3% of GDP (2013 est.)
34.2% of GDP (2012 est.)
country comparison to the world: 17
GDP - composition, by end use:
household consumption: 50.4%
government consumption: 15.1%
investment in fixed capital: 29.1%
investment in inventories: 0.1%
exports of goods and services: 50.6%
imports of goods and services: -45.3%
(2014 est.)
GDP - composition, by sector of origin:
agriculture: 2.3%
industry: 38.3%
services: 59.4% (2014 est.)
Agriculture - products:
rice, root crops, barley, vegetables, fruit; cattle, pigs, chickens, milk, eggs; fish
Industries:
electronics, telecommunications, automobile production, chemicals, shipbuilding, steel
Industrial production growth rate:
0% (2014 est.)
country comparison to the world: 140
Labor force:
26.27 million (2014 est.)
country comparison to the world: 25
Labor force - by occupation:
agriculture: 5.7%
industry: 24%
services: 70.4% (2014 est.)
Unemployment rate:
3.5% (2014 est.)
3.1% (2013 est.)
country comparison to the world: 27
Population below poverty line:
14.6% (2013 est.)
Household income or consumption by percentage share:
lowest 10%: 6.8%
highest 10%: 37.8% (Q4 2014)
Distribution of family income - Gini index:
30.2 (2013 est.)
35.8 (2000)
country comparison to the world: 113
Budget:
revenues: $350.7 billion
expenditures: $337.9 billion (2014 est.)
Taxes and other revenues:
24.9% of GDP (2014 est.)
country comparison to the world: 148
Budget surplus (+) or deficit (-):
0.9% of GDP (2014 est.)
country comparison to the world: 28
Public debt:
34.2% of GDP (2014 est.)
33.8% of GDP (2013 est.)
country comparison to the world: 103
Fiscal year:
calendar year
Inflation rate (consumer prices):
1.3% (2014 est.)
1.3% (2013 est.)
country comparison to the world: 78
Central bank discount rate:
2% (31 December 2014)
2.5% (31 December 2013)
country comparison to the world: 118
Commercial bank prime lending rate:
4.5% (31 December 2014 est.)
4.64% (31 December 2013 est.)
country comparison to the world: 159
Stock of narrow money:
$556.3 billion (31 December 2014 est.)
$470.9 billion (31 December 2013 est.)
country comparison to the world: 11
Stock of broad money:
$1.973 trillion (31 December 2014 est.)
$1.754 trillion (31 December 2013 est.)
country comparison to the world: 10
Stock of domestic credit:
$1.187 trillion (31 December 2014 est.)
$1.055 trillion (31 December 2013 est.)
country comparison to the world: 15
Market value of publicly traded shares:
$1.269 trillion (31 December 2014 est.)
$1.193 trillion (31 December 2013)
$1.121 trillion (28 December 2012 est.)
country comparison to the world: 11
Current account balance:
$89.22 billion (2014 est.)
$81.15 billion (2013 est.)
country comparison to the world: 5
Exports:
$572.7 billion (2014 est.)
$559.6 billion (2013 est.)
country comparison to the world: 6
Exports - commodities:
semiconductors, petrochemicals, automobile/auto parts, ships, wireless communication equipment, flat display displays, steel, electronics, plastics, computers
Exports - partners:
China 26.1%, US 11.1%, Japan 6.2%, Hong Kong 5% (2013)
Imports:
$525.5 billion (2014 est.)
$515.6 billion (2013 est.)
country comparison to the world: 9
Imports - commodities:
crude oil/petroleum products, semiconductors, natural gas, coal, steel, computers, wireless communication equipment, automobiles, fine chemical, textiles
Imports - partners:
China 16.1%, Japan 11.6%, US 8.1%, Saudi Arabia 7.3%, Qatar 5%, Australia 4% (2013)
Reserves of foreign exchange and gold:
$363.6 billion (31 December 2014 est.)
$346.5 billion (31 December 2013 est.)
country comparison to the world: 9
Debt - external:
$425.4 billion (31 December 2014 est.)
$423.5 billion (31 December 2013 est.)
country comparison to the world: 28
Stock of direct foreign investment - at home:
$152.3 billion (31 December 2014 est.)
$140.7 billion (31 December 2013 est.)
country comparison to the world: 30
Stock of direct foreign investment - abroad:
$278.8 billion (31 December 2014 est.)
$254.1 billion (31 December 2013 est.)
country comparison to the world: 22
Exchange rates:
South Korean won (KRW) per US dollar -
1,053 (2014 est.)
1,095 (2013 est.)
1,126.47 (2012 est.)
1,108.29 (2011 est.)
1,156.1 (2010 est.)

Kết quả (Việt) 1:

Kinh tế - tổng quan:South Korea over the past four decades has demonstrated incredible economic growth and global integration to become a high-tech industrialized economy. In the 1960s, GDP per capita was comparable with levels in the poorer countries of Africa and Asia. In 2004, South Korea joined the trillion-dollar club of world economies. A system of close government and business ties, including directed credit and import restrictions, initially made this success possible. The government promoted the import of raw materials and technology at the expense of consumer goods, and encouraged savings and investment over consumption. The Asian financial crisis of 1997-98 exposed longstanding weaknesses in South Korea's development model, including high debt/equity ratios and massive short-term foreign borrowing. GDP plunged by 7% in 1998, and then recovered by 9% in 1999-2000. South Korea adopted numerous economic reforms following the crisis, including greater openness to foreign investment and imports. Growth moderated to about 4% annually between 2003 and 2007. South Korea's export focused economy was hit hard by the 2008 global economic downturn, but quickly rebounded in subsequent years, reaching over 6% growth in 2010. The US-Korea Free Trade Agreement was ratified by both governments in 2011 and went into effect in March 2012. Between 2012 and 2014, the economy experienced slow growth due to sluggish domestic consumption and investment. The administration in 2015 is likely to face the challenge of balancing heavy reliance on exports with developing domestic-oriented sectors, such as services. The South Korean economy's long-term challenges include a rapidly aging population, inflexible labor market, dominance of large conglomerates (chaebols), and the heavy reliance on exports, which comprise about half of GDP. In an effort to address the long term challenges and sustain economic growth, the current government has prioritized structural reforms, deregulation, promotion of entrepreneurship and creative industries, and the competitiveness of small and medium enterprises.GDP (purchasing power parity):$1.781 trillion (2014 est.)$1.724 trillion (2013 est.)$1.676 trillion (2012 est.)note: data are in 2014 US dollarscountry comparison to the world: 14GDP (official exchange rate):$1.41 trillion (2014 est.)GDP - real growth rate:3.3% (2014 est.)2.9% (2013 est.)2.3% (2012 est.)country comparison to the world: 89GDP - per capita (PPP):$35,300 (2014 est.)$34,100 (2013 est.)$33,200 (2012 est.)note: data are in 2014 US dollarscountry comparison to the world: 46Gross national saving:35.1% of GDP (2014 est.)34.3% of GDP (2013 est.)34.2% of GDP (2012 est.)country comparison to the world: 17GDP - composition, by end use:household consumption: 50.4%government consumption: 15.1%investment in fixed capital: 29.1%investment in inventories: 0.1%exports of goods and services: 50.6%imports of goods and services: -45.3%(2014 est.)GDP - composition, by sector of origin:agriculture: 2.3%industry: 38.3%services: 59.4% (2014 est.)Agriculture - products:rice, root crops, barley, vegetables, fruit; cattle, pigs, chickens, milk, eggs; fishIndustries:electronics, telecommunications, automobile production, chemicals, shipbuilding, steelIndustrial production growth rate:0% (2014 est.)country comparison to the world: 140Labor force:26.27 million (2014 est.)country comparison to the world: 25Labor force - by occupation:agriculture: 5.7%industry: 24%services: 70.4% (2014 est.)Unemployment rate:3.5% (2014 est.)3.1% (2013 est.)country comparison to the world: 27Population below poverty line:14.6% (2013 est.)Household income or consumption by percentage share:lowest 10%: 6.8%highest 10%: 37.8% (Q4 2014)Distribution of family income - Gini index:30.2 (2013 est.)35.8 (2000)country comparison to the world: 113Budget:revenues: $350.7 billionexpenditures: $337.9 billion (2014 est.)Taxes and other revenues:24.9% of GDP (2014 est.)country comparison to the world: 148Budget surplus (+) or deficit (-):0.9% of GDP (2014 est.)country comparison to the world: 28Public debt:34.2% of GDP (2014 est.)33.8% of GDP (2013 est.)country comparison to the world: 103Fiscal year:calendar yearInflation rate (consumer prices):1.3% (2014 est.)1.3% (2013 est.)country comparison to the world: 78Central bank discount rate:2% (31 December 2014)2.5% (31 December 2013)country comparison to the world: 118Commercial bank prime lending rate:4.5% (31 December 2014 est.)4.64% (31 December 2013 est.)country comparison to the world: 159Stock of narrow money:$556.3 billion (31 December 2014 est.)$470.9 billion (31 December 2013 est.)country comparison to the world: 11Stock of broad money:$1.973 trillion (31 December 2014 est.)$1.754 trillion (31 December 2013 est.)country comparison to the world: 10Stock of domestic credit:$1.187 trillion (31 December 2014 est.)$1.055 trillion (31 December 2013 est.)country comparison to the world: 15Market value of publicly traded shares:
$1.269 trillion (31 December 2014 est.)
$1.193 trillion (31 December 2013)
$1.121 trillion (28 December 2012 est.)
country comparison to the world: 11
Current account balance:
$89.22 billion (2014 est.)
$81.15 billion (2013 est.)
country comparison to the world: 5
Exports:
$572.7 billion (2014 est.)
$559.6 billion (2013 est.)
country comparison to the world: 6
Exports - commodities:
semiconductors, petrochemicals, automobile/auto parts, ships, wireless communication equipment, flat display displays, steel, electronics, plastics, computers
Exports - partners:
China 26.1%, US 11.1%, Japan 6.2%, Hong Kong 5% (2013)
Imports:
$525.5 billion (2014 est.)
$515.6 billion (2013 est.)
country comparison to the world: 9
Imports - commodities:
crude oil/petroleum products, semiconductors, natural gas, coal, steel, computers, wireless communication equipment, automobiles, fine chemical, textiles
Imports - partners:
China 16.1%, Japan 11.6%, US 8.1%, Saudi Arabia 7.3%, Qatar 5%, Australia 4% (2013)
Reserves of foreign exchange and gold:
$363.6 billion (31 December 2014 est.)
$346.5 billion (31 December 2013 est.)
country comparison to the world: 9
Debt - external:
$425.4 billion (31 December 2014 est.)
$423.5 billion (31 December 2013 est.)
country comparison to the world: 28
Stock of direct foreign investment - at home:
$152.3 billion (31 December 2014 est.)
$140.7 billion (31 December 2013 est.)
country comparison to the world: 30
Stock of direct foreign investment - abroad:
$278.8 billion (31 December 2014 est.)
$254.1 billion (31 December 2013 est.)
country comparison to the world: 22
Exchange rates:
South Korean won (KRW) per US dollar -
1,053 (2014 est.)
1,095 (2013 est.)
1,126.47 (2012 est.)
1,108.29 (2011 est.)
1,156.1 (2010 est.)