What Do You Do When You Reach the Top?; South Korea's Economy  

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Jenis: Article from Bulletin/Magazine
Dalam koleksi: The Economist (http://search.proquest.com/) vol. 401 no. 8759 (Nov. 2011), page 75-77.
Topik: Culture; Economic Development
Fulltext: South Korea's Economy.pdf (63.36KB)

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Perpustakaan Pusat (Semanggi) Nomor Panggil: EE29.69 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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In 1960, in the aftermath of a devastating war, the exhausted South Korea was one of the poorest countries in the world, with an income per head on a par with the poorest parts of Africa. By the end of 2011 it will be richer than the European Union average, with a gross domestic product per person of $31,750, calculated on a basis of purchasing-power parity (PPP), compared with $31,550 for the EU. South Korea is the only country that has so far managed to go from being the recipient of a lot of development aid to being rich within a working life. For most poor countries, South Korea is a model of growth, a better exemplar than China, which is too vast to copy, and better, too, than Taiwan, Singapore or Hong Kong. South Korea has not merely grown fast. It has combined growth with democracy. South Korea's relatively open financial system made it vulnerable to the volatility in world markets, a vulnerability that continues. This September, foreigners withdrew over 1.3 trillion won ($1.1 billion) from the stock market and the currency slumped 10%. Yet in 2010, GDP grew by 6%. This year's expansion is likely to be 4%. The unemployment rate is now a covetable 3%.

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