Lowering Taxes and Tariffs in South Korea 2018 Pop Art

National economy of South Korea

This commodity is about the economic system of Democracy of Korea. For the Economy of North korea, see Economy of Northward Korea.

Economy of South korea

Seoul, the largest metropolis of South Korea
Currency	South Korean won (KRW, ₩)
Fiscal year	1 January – 31 Dec
Trade organizations	APEC, WTO, OECD, K-20
State group	Adult/Avant-garde[i] High-income economy[2]
Statistics
Population	51,309,705 (2021 est.)[three]
Gross domestic product	$1.lxxx  trillion (nominal, 2021 est.)[iv] $two.2 trillion (PPP, 2021 est.)[4]
GDP rank	tenth (nominal, 2020) 14th (PPP, 2020)
GDP growth	2.9% (2018) 2.0% (2019) -0.9% (2020) four.0% (2021e)[five]
Gdp per capita	$34,865 (nominal, 2021 est.)[4] $47,026 (PPP, 2021 est.)[iv]
Gross domestic product per capita rank	35th (nominal, 2020) 40th (PPP, 2020)
GDP by sector	agriculture: 2.2% industry: 39.three% services: 58.three% (2017 est.)[3]
Inflation (CPI)	0.5% (2020)[5]
Population below poverty line	fourteen.four% (2016 est.)[3]
Gini coefficient	35.5 medium (2017)[vi]
Human Development Index	0.916 very high (2019)[vii] (23rd) 0.815 very high IHDI (2019)[viii]
Labor force	28,466,640 (2020, ILO)[9] 65.8% employment rate (2020)[five]
Labor forcefulness by occupation	agronomics: 4.eight% manufacture: 24.six% services: lxx.6% (2017 est.)[three]
Unemployment	three.7% (September 2020)[ten] 11.5% youth unemployment (15 to 24-year-olds, September 2020)[eleven]
Principal industries	Electronics telecommunications automobile product chemicals shipbuilding steel
Ease-of-doing-business rank	5th (very easy, 2020)[12]
External
Exports	$644.54 billion (2021)[13]
Export goods	Integrated Circuits 15.35% Machinery 12.81% Vehicles and their parts 11.34% Mineral Fuels 7.01% Plastics 5.86% Iron and Steel 4.23% Instruments and Apparatus four.16% Organic Chemicals 3.85% Others 35.39% (2019)[14]
Master export partners	Communist china(-) 25.87% ASEAN(+) 17.37% United States(+) 14.46% European Wedlock(+) 9.34% Hong Kong(-) 5.98% Nippon(+) iv.ninety% Taiwan(+) 3.21% Russia(-) 1.35% Others 17.52%[15]
Imports	$615.1 billion (2021)[thirteen]
Import appurtenances	Mineral Fuels 25.01% Mechanism nine.17% Integrated Circuits seven.08% Instruments and Appliance 4.88% Vehicles and their parts 3.23% Ores, Slags and Ash 3.13% Atomic number 26 and Steel 3.02% Organic Chemicals 2.62% Others 41.86% (2019)[14]
Master import partners	China(+) 23.28% U.s.a.(-) 12.29% European Spousal relationship(-) 11.87% Asean(-) 11.72% Nippon(-) nine.84% Australia(-) 4.00% Taiwan(+) three.81% Kingdom of saudi arabia(-) 3.42% Others 19.77%[15]
FDI stock	$230.6 billion (31 December 2017 est.)[three] Abroad: $344.7 billion (31 December 2017 est.)[3]
Current account	$68 billion (2020)[v]
Gross external debt	$542.4 billion (2020)[16]
Public finances
Public debt	39.8% of GDP (2020)[17]
Upkeep residue	-3.v% of Gross domestic product (2020)[17]
Revenues	$428.7 billion (2020)[17]
Expenses	$456.five billion (2020)[17]
Economic help	ODA, $two.4 Billion (donor) (2018) assist to North Korea excluded
Credit rating	Standard & Poor's:[18] AA- (Domestic) AA- (Strange) AA (T&C Assessment) Outlook: Stable[19] Moody's:[19] Aa2 Outlook: Stable Fitch:[xix] AA- Outlook: Stable
Foreign reserves	$458.700 billion (July 2021 est.)[3]
Main data source: CIA World Fact Book All values, unless otherwise stated, are in US dollars.

The economy of South Korea is a highly developed mixed economy.^{[20] [21] [22]} Past nominal GDP, it has the quaternary largest economy in Asia and the 10th largest in the world. S Korea is notable for its emergence of economic evolution from an underdeveloped nation to a developed, loftier-income land in a few generations. This economical growth has been described as the Miracle on the Han River,^[23] which has immune it to bring together OECD and the G-twenty. Due south Korea still remains one of the fastest growing adult countries in the world, following the Cracking Recession. It is included in the group of Adjacent Eleven countries as having the potential to play a dominant part in the global economy by the heart of the 21st century.^[24]

Southward Korea's education system and the establishment of a motivated and educated populace is largely responsible for spurring the land's high technology blast and economical evolution.^[25] South Korea began to arrange an export-oriented economic strategy to fuel its economic system. In 2019, Southward Korea was the 8th largest exporter and eighth largest importer in the world. The Bank of Korea and the Korea Development Institute periodically release major economical indicators and economic trends of the economic system of Republic of korea.^{[26] [27]}

Renowned financial organizations, such equally the International Monetary Fund, notes the resilience of the South Korean economic system confronting various economic crises. They cite the land's economic advantages as reasons for this resilience, including low state debt, and high fiscal reserves that can quickly exist mobilized to address whatever expected fiscal emergencies.^[28] Other financial organizations, like the World Bank, draw Korea as one of the fastest-growing major economies of the next generation, along with BRIC and Indonesia.^[29] South korea was one of the few developed countries that was able to avoid a recession during the Great Recession.^[30] Its economic growth rate reached 6.two% in 2010, a recovery from economic growth rates of 2.iii% in 2008 and 0.2% in 2009, during the Neat Recession. The Southward Korean economy again recovered with the record-surplus of US$70.7 billion marker of the current account in the stop of 2013, up 47 percentage growth from 2012. This growth assorted with the uncertainties of the global economic turmoil, with the land'southward major economic output existence the technology products exports.^[31]

Despite the South Korean economy's high growth and structural stability, Republic of korea experiences damages to its credit rating in the stock market place due to Due north Korea in times of military machine crises. The recurring conflict affects the financial markets of its economy.^{[32] [33] [34] [35] [36]}

History [edit]

Historical growth of the S Korean economic system from 1961 to 2015

Overview [edit]

Post-obit the Korean State of war, South Korea remained a country with less adult markets for a little more than a decade. The growth of the industrial sector was the principal stimulus to Republic of korea'southward economic development. In 1986, manufacturing industries accounted for approximately 30 percentage of the gross domestic product (GDP) and 25 percentage of the piece of work forcefulness. Due to stiff domestic encouragement and some foreign assist, Seoul's industrialists introduced mod technologies into outmoded or newly built facilities, increased the product of bolt—especially those for auction in foreign markets—and plowed the proceeds dorsum into farther industrial expansion. Every bit a upshot, industry contradistinct South korea's landscape, drawing millions of labourers to urban manufacturing centres.

A downturn in the Southward Korean economy in 1989 spurred by a decrease in exports and foreign orders caused concern in the industrial sector. Ministry of Trade and Manufacture analysts stated that decreased export operation resulted from structural problems, including an overly strong won, increased wages and labor costs, frequent strikes, and higher interest rates. The event was an increase in inventories and cutbacks in production at a number of electronics, automobile, and material manufacturers, as well as at the smaller firms that supplied the parts. Manufactory automation systems were introduced to reduce dependence on labour, to heave productivity with a smaller work force, and to ameliorate competitiveness.

Rapid growth from 1960s to 1980s [edit]

Economic system of South Korea, compared to North Korea. North Korea began to lose the economical contest with South Korea later the adoption of Juche in 1974 by North Korea.

With the coup of Full general Park Chung-hee in 1961, which at first caused political instability and an economic crisis, a protectionist economical policy began, pushing a bourgeoisie that developed in the shadow of the Land to reactivate the internal market. To promote evolution, a policy of consign-oriented industrialization was applied, closing the entry into the land of all kinds of strange products, except raw materials. Agrarian reforms were carried out and General Park nationalized the fiscal system to bully the powerful state arm, whose intervention in the economic system was through five-yr plans.^[37]

The spearhead was the chaebols, those diversified family conglomerates such equally Hyundai, Samsung and LG Corporation, which received state incentives such as taxation breaks, legality for their exploitation system and cheap or complimentary financing: the state bank facilitated the planning of full-bodied loans past item according to each five-year plan, and by economic group selected to lead it.

South korea received donations from the United States due to the Cold War, and foreign economic and military support continued for some years. Chaebols started to boss the domestic economy and, eventually, began to become internationally competitive. Nether chaebols, workers began to run into their wages and working conditions amend, which increased domestic consumption. By the 1980s, the country rose from depression income to middle income.^[38]

South korea'south real GDP expanded past an average of more than 8 percent per year,^[39] from The states$2.7 billion in 1962^[forty] to US$230 billion in 1989,^[41] breaking the trillion dollar mark in the early on 2000s. Nominal Gdp per capita grew from $103.88 in 1962^[42] to $5,438.24 in 1989,^[43] reaching the $20,000 milestone in 2006. The manufacturing sector grew from 14.iii percent of the GNP in 1962 to xxx.3 percent in 1987. Commodity merchandise volume rose from United states$480 million in 1962 to a projected U.s.a.$127.9 billion in 1990. The ratio of domestic savings to GNP grew from 3.3 pct in 1962 to 35.8 percent in 1989.^[39] In the early 1960s, South korea'due south charge per unit of growth exceeded Democratic people's republic of korea's rate of growth in most industrial areas. ^[44]

The most pregnant factor in rapid industrialization was the adoption of an outward-looking strategy in the early on 1960s.^{[45] [39]} This strategy was particularly well-suited to that time because of South Korea's depression savings rate and pocket-sized domestic market. The strategy promoted economic growth through labor-intensive manufactured exports, in which Republic of korea could develop a competitive advantage. Regime initiatives played an important role in this procedure.^[39] Through the model of export-led industrialization, the South Korean authorities incentivized corporations to develop new technology and upgrade productive efficiency to compete the global market.^[46] By adhering to country regulations and demands, firms were awarded subsidization and investment support to develop their consign markets in the evolving international loonshit.^[46] In addition, the inflow of strange capital was encouraged to supplement the shortage of domestic savings. These efforts enabled Southward Korea to achieve growth in exports and subsequent increases in income.^[39]

By emphasizing the industrial sector, Seoul's export-oriented development strategy left the rural sector barely touched. The steel and shipbuilding industries in item played key roles in developing Republic of korea's economy during this time.^[47] Except for mining, near industries were located in the urban areas of the northwest and southeast. Heavy industries were located in the due south of the land. Factories in Seoul contributed over 25 percentage of all manufacturing value-added in 1978; taken together with factories in surrounding Gyeonggi Province, factories in the Seoul area produced 46 percentage of all manufacturing that yr. Factories in Seoul and Gyeonggi Province employed 48 percent of the nation'south 2.ane million factory workers. Increased income disparity between the industrial and agricultural sectors became a problem by the 1970s despite government efforts to heighten farm income and improve rural areas ^[39]

In the early 1980s, in order to control inflation, a bourgeois budgetary policy and tight fiscal measures were adopted. Growth of the money supply was reduced from the 30 percent level of the 1970s to 15 percent. During this time, Seoul froze its budget for a short while. Government intervention in the economy was profoundly reduced and policies on imports and strange investment were liberalized to promote competition. To reduce the imbalance betwixt rural and urban sectors, Seoul expanded investments in public projects, such as roads and communications facilities, while further promoting farm mechanization.^[39]

The measures implemented early in the decade, coupled with meaning improvements in the globe economic system, helped the South Korea regain its lost momentum. South Korea achieved an average of 9.2 percent real growth between 1982 and 1987 and 12.v percent between 1986 and 1988. The double-digit aggrandizement of the 1970s was brought under command. Wholesale price inflation averaged two.1 percent per year from 1980 through 1988; consumer prices increased by an average of 4.7 percent annually. Seoul achieved its first significant surplus in its balance of payments in 1986 and recorded a US$7.7 billion and a The states$11.4 billion surplus in 1987 and 1988 respectively. This evolution permitted Republic of korea to begin reducing its level of foreign debt. The merchandise surplus for 1989, withal, was only The states$4.6 billion, and a small negative balance was projected for 1990.^[39]

1990s and the Asian Financial Crisis [edit]

For the start one-half of the 1990s, the S Korean economic system continued a stable and strong growth in both private consumption and Gdp. During the 1997 Asian financial crisis, afterwards several other Asian currencies were attacked by speculators, the Korean won started to depreciate in Oct 1997.^[48] The problem was exacerbated due to non-performing loans at many of Korea'south merchant banks. Past December 1997, the IMF had approved a US$21 billion loan, that would be role of a U.s.$58.4 billion bailout plan.^[48] By January 1998, the government had shut downwards a third of Korea's merchant banks.^[48] Throughout 1998, Korea's economy would go along to compress quarterly at an average rate of −half-dozen.65%.^[48] and South Korean chaebol Daewoo was dismantled by the government in 1999 due to debt problems. American company Full general Motors managed to purchase the motors division. Indian conglomerate Tata Grouping, purchased the trucks and heavy vehicles division of Daewoo.^[48]

Actions by the South Korean authorities and debt swaps by international lenders contained the country'south financial problems. Much of South Korea's recovery from the 1997 Asian financial crisis tin can be attributed to labor adjustments (i.east. a dynamic and productive labor market with flexible wage rates) and alternative funding sources.^[48] By the start quarter of 1999, Gross domestic product growth had risen to 5.4%, and strong growth thereafter combined with deflationary pressure level on the currency led to a yearly growth of 10.5%. In December 1999, president Kim Dae-jung declared the currency crunch over.^[48]

2000s [edit]

Korea's economy moved away from the centrally planned, government-directed investment model toward a more than market-oriented one. These economic reforms, pushed past President Kim Dae-jung, helped Korea maintain one of Asia'due south few expanding economies^{[ citation needed ]}, with growth rates of 10.eight% in 1999 and 9.2% in 2000. Growth barbarous dorsum to 3.3% in 2001 because of the slowing global economy, decreased exports, and perceptions that corporate and financial reforms have stalled.

Afterward the bounce back from the 1997 Asian fiscal crunch, the economic system connected strong growth in 2000 with a Gross domestic product growth of 9.08%.^[48] However, the Due south Korean economy was affected by the September 11 Attacks. The slowing global economy, falling exports, and the perception that corporate and financial reforms had stalled caused growth to decrease to 3.8% in 2001^[49] Thanks to industrialization Gross domestic product per hour worked (labor output) more than than tripled from US$2.80 in 1963 to Us$10.00 in 1989.^[49] More recently the economy stabilized and maintain a growth charge per unit between 4–5% from 2003 onwards.^[49]

Led by industry and construction, growth in 2002 was v.8%,^[50] despite anemic global growth. The restructuring of Korean conglomerates (chaebols), depository financial institution privatization, and the creation of a more liberalized economy—with a machinery for bankrupt firms to exit the market—remain an unfinished reform chore. Growth slows down in 2003, simply production expanded v% in 2006, due to popular need for fundamental export products such every bit HDTVs and mobile phones.^{[ commendation needed ]}

Like most industrialized economies, Republic of korea experienced setbacks during the Great Recession. Growth fell past iii.4% in the fourth quarter of 2008 from the previous quarter, the get-go negative quarterly growth in x years, with twelvemonth on year quarterly growth standing to be negative into 2009.^[51] Many sectors of the economy at the time reported declines, with manufacturing dropping 25.6% equally of Jan 2009, and consumer goods sales dropping 3.1%.^[51] Exports in autos and semiconductors, ii pillars of the economy, shrank 55.nine% and 46.9% respectively, while exports overall fell past a record 33.viii% in January, and 18.3% in Feb 2009 year on year.^[52] Every bit in the 1997 Asian financial crisis, Korean currency also experienced massive fluctuations, declining by 34% against the dollar.^[52] Annual growth in the economic system slowed to 2.three% in 2008, and was expected to drop to as low as −4.5% past Goldman Sachs,^[53] but South korea was able to limit the downturn to a standstill at 0.2% in 2009.^[54] Despite the Great Recession, the South Korean economy, helped past timely stimulus measures and strong domestic consumption of products that compensated for decreased exports,^[55] was able to avoid a recession unlike most industrialized economies, posting positive economic growth for two consecutive years of the crisis. In 2010, Southward Korea fabricated an economic rebound with a growth rate of half dozen.1%, signaling a return of the economy to pre-crisis levels. South Korea'southward consign has recorded $424 billion in the first eleven months of the twelvemonth 2010, already college than its consign in the whole year of 2008. The South Korean economy of the 21st century, as a Adjacent Xi economy, is expected to grow from iii.9% to 4.2% annually between 2011 and 2030,^[56] similar to growth rates of developing countries such equally Brazil or Russia.^[57]

The South Korean regime signed the Korea-Australia Free Trade Agreement (KAFTA) on five Dec 2013, with the Australian authorities seeking to benefit its industries—including automotive, services, and resources and energy—and position itself alongside competitors, such as the United states and ASEAN.^[58] South Korea is Australia'due south third largest consign market and fourth largest trading partner with a 2012 merchandise value of A$32 billion. The agreement contains an Investor State Dispute Settlement (ISDS) clause that permits legal activity from S Korean corporations against the Australian government if their trade rights are infringed upon.^[59]

The authorities cut the work week from six days to 5 in phases, from 2004 to 2011, depending on the size of the business firm.^[sixty] The number of public holidays was expanded to 16 by 2013.^[61]

South Korean economic system decrased in the beginning quarter of 2019, which happened to be its worst driblet since the Swell Recession. Gdp declined a seasonally adjusted 0.3 pct from the previous quarter.^[62]

High-tech industries in the 1990s and 2000s [edit]

In 1990, South Korean manufacturers planned a shift in future production plans toward loftier-technology industries. In June 1989, panels of authorities officials, scholars, and business leaders held planning sessions on the production of such goods as new materials, mechatronics—including industrial robotics—bioengineering, microelectronics, fine chemistry, and aerospace. This shift in emphasis, all the same, did not mean an immediate pass up in heavy industries such as automobile and ship production, which had dominated the economy in the 1980s.^{[ citation needed ]}

South Korea relies upon exports to fuel the growth of its economy, with finished products such equally electronics, textiles, ships, automobiles, and steel beingness some of its most important exports. Although the import market has liberalized in recent years, the agronomical market has remained protectionist due to disparities in the price of domestic agricultural products such as rice with the international market place. As of 2005, the price of rice in Republic of korea was four times that of the average price of rice on the international market, and it was believed that opening the agricultural market would affect Southward Korean agricultural sector negatively. In late 2004, still, an agreement was reached with the WTO in which S Korean rice imports volition gradually increase from 4% to viii% of consumption past 2014. In improver, up to xxx% of imported rice will be made bachelor directly to consumers past 2010, where previously imported rice was merely used for processed foods. Following 2014, the South Korean rice market will be fully opened.^{[ commendation needed ]}

South Korea today is known equally a Launchpad of a mature mobile market, where developers thrive in a market where few technology constraints exist. In that location is a growing tendency of inventions of new types of media or apps, using the 4G and 5G internet infrastructure in Due south Korea. Republic of korea has today the infrastructures to meet a density of population and culture that has the capability to create strong local particularity.^[63]

Data [edit]

The following table shows the main economic indicators in 1980–2020 (with International monetary fund staff stimtates in 2021–2026). Inflation beneath 5% is in light-green. ^[64]

Yr	Gdp (in Bil. U.s.$PPP)	GDP per capita (in US$ PPP)	GDP (in Bil. US$nominal)	GDP per capita (in The states$ nominal)	Gross domestic product growth (real)	Inflation rate (in Pct)	Unemployment (in Percent)	Government debt (in % of GDP)
1980	82.vii	two,169.four	65.4	i,714.6	-1.half dozen%	28.7%	5.2%	n/a
1981	97.1	2,507.3	72.9	1,883.v	7.2%	21.4%	4.5%	n/a
1982	111.vii	2,839.9	78.iii	ane,992.iii	eight.iii%	7.2%	4.1%	n/a
1983	131.6	3,296.nine	87.eight	2,198.nine	13.4%	iii.four%	4.1%	northward/a
1984	150.7	3,730.0	97.five	2,413.three	10.6%	2.3%	3.ix%	due north/a
1985	167.7	4,109.0	101.3	2,482.4	7.8%	2.v%	4.0%	northward/a
1986	190.4	4,620.3	116.viii	two,834.9	11.three%	2.viii%	3.viii%	n/a
1987	220.0	5,284.7	147.nine	three,554.vi	12.7%	iii.0%	iii.1%	due north/a
1988	255.0	6,067.2	199.6	4,748.vii	12.0%	7.one%	2.5%	northward/a
1989	283.8	half dozen,684.6	246.9	5,817.1	7.one%	5.seven%	2.half-dozen%	n/a
1990	323.5	7,545.i	283.4	6,610.0	ix.nine%	viii.6%	2.five%	xiii.two%
1991	370.four	8,555.nine	330.vii	7,637.ii	10.eight%	9.iii%	2.five%	12.3%
1992	402.4	nine,197.two	355.5	8,126.5	vi.2%	half-dozen.2%	2.v%	12.0%
1993	440.2	9,961.0	392.7	8,886.4	6.nine%	iv.8%	ii.9%	11.2%
1994	491.3	11,005.5	463.iv	10,381.two	9.three%	6.iii%	2.5%	x.0%
1995	549.8	12,193.two	566.six	12,565.0	9.6%	four.five%	2.1%	8.8%
1996	604.1	xiii,269.ii	610.2	13,402.9	7.nine%	4.9%	two.ane%	eight.i%
1997	652.4	14,197.2	570.6	12,416.8	half dozen.2%	four.4%	2.6%	10.0%
1998	625.9	13,522.6	382.ix	8,271.4	-five.1%	seven.5%	7.0%	14.three%
1999	707.v	fifteen,177.3	497.3	10,666.9	xi.v%	0.8%	half-dozen.6%	sixteen.iii%
2000	789.1	sixteen,786.6	576.5	12,263.5	nine.1%	2.three%	4.4%	16.7%
2001	846.0	17,860.1	547.vii	11,563.0	4.ix%	4.ane%	iv.0%	17.2%
2002	925.half-dozen	19,427.1	627.0	13,159.7	7.7%	two.eight%	three.3%	17.0%
2003	973.vi	xx,328.4	702.vii	14,672.4	iii.1%	iii.5%	3.6%	19.8%
2004	1,051.7	21,872.1	792.v	sixteen,482.8	five.2%	3.6%	3.7%	22.4%
2005	one,131.4	23,480.i	934.7	xix,398.v	4.3%	ii.8%	three.8%	25.9%
2006	one,227.seven	25,345.4	one,052.6	21,731.0	v.3%	2.2%	iii.five%	28.i%
2007	one,334.0	27,401.two	one,172.5	24,083.3	5.eight%	2.five%	3.three%	27.4%
2008	1,400.5	28,550.5	ane,049.2	21,387.7	iii.0%	4.7%	three.2%	26.9%
2009	1,420.7	28,812.5	943.7	nineteen,139.7	0.eight%	ii.eight%	3.6%	thirty.0%
2010	one,535.6	30,988.3	one,143.6	23,077.2	6.8%	2.9%	three.7%	29.5%
2011	1,625.3	32,546.8	ane,253.iv	25,100.2	3.7%	4.0%	3.iv%	33.one%
2012	1,684.6	33,557.one	1,278.0	25,459.2	two.four%	two.2%	iii.ii%	35.0%
2013	ane,726.9	34,244.3	1,370.6	27,179.five	three.2%	1.3%	3.1%	37.7%
2014	1,792.6	35,324.5	1,484.5	29,252.9	3.2%	1.three%	three.5%	39.vii%
2015	1,933.8	37,907.v	1,466.0	28,737.4	2.8%	0.vii%	iii.half-dozen%	40.8%
2016	2,026.5	39,567.0	1,499.4	29,274.2	ii.9%	i.0%	3.7%	41.ii%
2017	2,105.9	41,001.i	1,623.one	31,600.7	3.2%	one.ix%	3.seven%	40.1%
2018	2,218.ix	42,996.two	1,725.4	33,433.2	2.9%	ane.5%	3.8%	40.0%
2019	2,309.three	44,658.8	1,651.iv	31,936.8	ii.2%	0.4%	three.8%	42.1%
2020	two,317.ii	44,750.0	ane,638.3	31,638.v	-0.9%	0.5%	3.9%	47.ix%
2021	2,503.4	48,308.9	1,823.9	35,195.v	4.3%	2.2%	iii.8%	51.iii%
2022	ii,657.0	51,244.3	one,907.vii	36,791.5	3.3%	i.6%	3.vii%	55.1%
2023	ii,797.0	53,922.iv	2,012.one	38,790.viii	2.eight%	1.6%	3.vii%	58.v%
2024	ii,934.two	56,546.4	2,115.0	twoscore,759.five	2.6%	1.8%	three.seven%	61.5%
2025	three,072.1	59,181.5	2,217.6	42,719.4	two.5%	ii.0%	three.7%	64.2%
2026	3,210.4	61,832.3	2,316.2	44,610.half-dozen	2.iv%	2.0%	iii.7%	66.7%

Sectors [edit]

Shipbuilding [edit]

Shipbuilding is a flagship industry of Republic of korea that boomed since the 1960s.

During the 1970s and 1980s, Due south Korea became a leading producer of ships, including oil supertankers, and oil-drilling platforms. The country's major shipbuilder was Hyundai, which built a 1-one thousand thousand-ton capacity drydock at Ulsan in the mid-1970s. Daewoo joined the shipbuilding industry in 1980 and finished a 1.2-one thousand thousand-ton facility at Okpo on Geoje Island, south of Busan, in mid-1981. The industry declined in the mid-1980s because of the oil glut and because of a worldwide recession. There was a sharp decrease in new orders in the late 1980s; new orders for 1988 totaled 3 million gross tons valued at U.s.a.$ane.nine billion, decreases from the previous year of 17.8 per centum and 4.4 percentage, respectively. These declines were acquired by labor unrest, Seoul's unwillingness to provide fiscal assistance, and Tokyo'due south new low-interest export financing in support of Japanese shipbuilders. Even so, the South Korean shipping manufacture was expected to expand in the early 1990s because older ships in world fleets needed replacing.^[65] South Korea somewhen became the world'southward dominant shipbuilder with a l.6% share of the global shipbuilding market as of 2008. Notable Korean shipbuilders are Hyundai Heavy Industries, Samsung Heavy Industries, Daewoo Shipbuilding & Marine Engineering, and the now bankrupt STX Offshore & Shipbuilding.

Electronics [edit]

Electronics is one of South korea'southward main industries. During the 1980s through the 2000s, Due south Korean companies such equally Samsung, LG and SK led South Korea's growth in this sector. In 2017, 17.1% of South korea's exports were semiconductors produced by Samsung Electronics and SK Hynix. Samsung and LG are likewise major producers in electronic devices such as televisions, smartphones, display, and computers.

Automobile [edit]

A Hyundai automobile. The automotive line is a central sector in Republic of korea's manufacture.

The automobile industry was one of South Korea's major growth and export industries in the 1980s. Past the late 1980s, the capacity of the South Korean motor industry had increased more than fivefold since 1984; information technology exceeded 1 meg units in 1988. Total investment in car and car-component manufacturing was over US$3 billion in 1989. Total production (including buses and trucks) for 1988 totaled i.1 million units, a x.six percent increase over 1987, and grew to an estimated 1.3 one thousand thousand vehicles (predominantly passenger cars) in 1989. Almost 263,000 passenger cars were produced in 1985—a figure that grew to approximately 846,000 units in 1989. In 1988 automobile exports totaled 576,134 units, of which 480,119 units (83.iii percent) were sent to the United States. Throughout well-nigh of the late 1980s, much of the growth of S Korea's machine industry was the upshot of a surge in exports; 1989 exports, however, declined 28.5 percent from 1988. This decline reflected sluggish motorcar sales to the The states, especially at the less expensive finish of the market, and labor strife at dwelling.^[66] South korea today has developed into one of the earth's largest auto producers. The Hyundai Kia Automotive Group is South Korea's largest automaker in terms of revenue, production units and worldwide presence.

Mining [edit]

Nearly of the mineral deposits in the Korean Peninsula are located in N Korea, with the South but possessing an affluence of tungsten and graphite. Coal, iron ore, and molybdenum are found in South korea, but not in large quantities and mining operations are on a small scale. Much of Republic of korea's minerals and ore are imported from other countries. Most South Korean coal is anthracite that is only used for heating homes and boilers.

In 2019, Due south Korea was the 3rd largest world producer of bismuth,^[67] the fourth largest world producer of rhenium,^[68] and the 10th largest world producer of sulfur.^[69]

Structure [edit]

Construction has been an of import South Korean export industry since the early 1960s and remains a critical source of foreign currency and invisible export earnings. By 1981 overseas construction projects, almost of them in the Middle East, accounted for 60 percentage of the work undertaken by South Korean construction companies. Contracts that twelvemonth were valued at US$xiii.7 billion. In 1988, notwithstanding, overseas construction contracts totaled only US$2.6 billion (orders from the Middle East were US$one.2 billion), a 1 percent increase over the previous twelvemonth, while new orders for domestic structure projects totaled US$xiii.eight billion, an 8.viii pct increase over 1987.

Breakwater Construction in Seosan declension (1984)

Southward Korean construction companies therefore full-bodied on the speedily growing domestic market place in the late 1980s. By 1989 there were signs of a revival of the overseas structure marketplace: the Dong Ah Construction Company signed a US$5.three billion contract with Libya to build the second phase (and other subsequent phases) of Libya's Not bad Man-Made River Project, with a projected cost of Us$27 billion when all 5 phases were completed. South Korean construction companies signed over US$7 billion of overseas contracts in 1989.^[lxx] Korea'due south largest structure companies include Samsung C&T Corporation, which built some of the highest building's and most noteworthy skyscrapers such as 3 consecutively earth's tallest buildings: Petronas Towers, Taipei 101, and Burj Khalifa.^{[71] [72]}

Armaments [edit]

Korea's remarkable technological advancements and industrialization allowed Korea to produce increasingly avant-garde military machine equipment.

During the 1960s, South korea was dependent on the United States to supply its war machine, only after the elaboration of President Richard M. Nixon'southward policy of Vietnamization in the early 1970s, South korea began to manufacture its own weapons.^[73]

Since the 1980s, Southward Korea has begun exporting armed forces equipment and engineering science to heave its international trade. Some of its primal war machine export projects include the T-155 Firtina self-propelled artillery for Turkey; the K11 air-burst rifle for United Arab Emirates; the Bangabandhu class guided-missile frigate for Bangladesh; fleet tankers such equally Sirius class for the navies of Commonwealth of australia, New Zealand, and Venezuela; Makassar class amphibious assault ships for Indonesia; and the KT-1 trainer aircraft for Turkey, Indonesia and Republic of peru.

Republic of korea also exports various core components of other countries' avant-garde war machine hardware. Those hardware include modern aircraft such as F-15K fighters and AH-64 attack helicopters which will exist used by Singapore, whose airframes will exist built past Korea Aerospace Industries in a joint-production deal with Boeing.^[74] In other major outsourcing and joint-product deals, South Korea has jointly produced the S-300 air defense arrangement of Russian federation via Samsung Group,^{[ failed verification ]} and will facilitate the sales of Mistral class amphibious assault ships to Russia that will be produced past STX Corporation.^[75] The deal was cancelled in 2014 due to Russia'south deportment in Ukraine and the ships were sold to Egypt instead.^[76] South Korea'southward defense exports were $1.03 billion in 2008 and $one.17 billion in 2009.^[77]

Tourism [edit]

In 2012, xi.one million foreign tourists visited South Korea, making it one of the nigh visited countries in the world,^[78] up from 8.5 million in 2010.^[79] Many tourists from all around Asia visit South Korea which has been due to the rise of Korean Wave (Hallyu).

Seoul is the principal tourist destination for visitors; pop tourist destinations outside of Seoul include Seorak-san national park, the celebrated urban center of Gyeongju and semi-tropical Jeju Island. In 2014 Republic of korea hosted the League of Legends flavor 4 title and then, in 2018, the season 8 championship.

Trade statistics [edit]

2018 Top 10 consign partners[eighty] [81] Country/Region Export (Chiliad$) Percentage China 162,125 26.8% United States 72,720 12.0% Vietnam 48,622 8.0% Hong Kong 45,996 seven.6% Japan 30,529 five.ane% Taiwan 20,784 3.4% India fifteen,606 2.6% Philippines 12,037 2.0% Singapore 11,782 2.0% United mexican states xi,458 ane.9% Others 173,201 28.6% Total 604,860 100.0%

2018 Top 10 import partners[eighty] [81] Country/Region Import (One thousand$) Percent China 106,489 19.9% United states 58,868 11.0% Japan 54,604 ten.ii% Saudi Arabia 26,336 4.ix% Federal republic of germany 20,854 three.nine% Australia xx,719 three.ix% Vietnam xix,643 three.vii% Russian federation 17,504 3.3% Taiwan 16,738 3.one% Qatar xvi,294 3.0% Others 177,153 33.1% Total 535,202 100.0%

2018 Top x positive balance (surplus) countries for South korea[80] [81] State/Region Balance (M$) People's republic of china 55,636 Hong Kong 43,999 Vietnam 28,979 Usa thirteen,852 India 9,722 Philippines 8,468 Mexico 6,368 Turkey 4,791 Taiwan 4,045 Singapore 3,808 Others −110,011 Total 69,657

2018 Top 10 negative balance (arrears) countries for South Korea[lxxx] [81] Country Rest (K$) Nippon −24,075 Saudi Arabia −22,384 Qatar −15,768 State of kuwait −11,541 Germany −eleven,481 Australia −eleven,108 Russia −ten,183 Iraq −7,658 United Arab Emirates −4,699 Republic of chile −2,667 Others 191,221 Full 69,657

Mergers and acquisitions [edit]

Since 1991 there has been a steady upwards tendency in S Korean M&A until 2018 with but a short break effectually 2004. Since 1991 around eighteen,300 deals in, into or out of South Korea have been announced, which sum upwards to a total value of over 941. bil. USD. The yr 2016 has been the twelvemonth with the largest deal value (1,818 in bil. USD) and the near deals (82,3).^[82]

Target industries are distributed very evenly with no manufacture taking a larger share than ten%. The peak three target industries are Electronics (9.seven%), Semiconductors (9.1%) and Metals and Mining (7.7%). Nonetheless, over 51% of the acquiring companies originate from the fiscal and brokerage sector.^{[ commendation needed ]}

See also [edit]

• Economic system of Northward Korea
• List of banks in Republic of korea
• List of companies of South korea
• List of largest companies of South Korea
• List of South Korean regions by GDP
• Poverty in South Korea
• Retailing in South Korea
• Unemployment in Southward Korea
• Piece of work–life balance in South Korea
• Youth unemployment in South korea

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Further reading [edit]

• Koh, Jae Myong (2018) Green Infrastructure Financing: Institutional Investors, PPPs and Bankable Projects, London: Palgrave Macmillan. ISBN 978-3-319-71769-2.
• Lee-Jay Cho; Somi Seong; Sang-Hyop Lee, eds. (2007). Institutional and Policy Reforms to Raise Corporate Efficiency in Korea. Seoul: Korea Evolution Establish. ISBN978-89-8063-305-0.
• Stephan Haggard; Wonhyuk Lim; Euysung Kim, eds. (2003). Economic Crisis and Corporate Restructuring in Korea. Cambridge, Britain: Cambridge University Printing. ISBN978-0-521-82363-0.
• O. Yul Kwon (2010). The Korean Economy in Transition: An Institutional Perspective. Northampton, MA: Edward Elgar. ISBN978-1-84064-268-one.
• T. Youn-Ja Shim, ed. (2010). Korean Entrepreneurship: The Foundation of the Korean Economy. New York: Palgrave Macmillan. ISBN978-0-230-10707-half-dozen. Essays on such topics as American-educated technocrats in the 1960s and their function in South Korea's economical growth, and entrepreneurial family companies in South Korea, also equally Prc and Japan.
• Byung-Nak Song (2003). The Rise of the Korean Economy (3rd ed.). New York: Oxford University Printing. ISBN978-0-xix-592827-3.
• Sang Chul Suh (1978). Growth and Structural Changes in the Korean Economy, 1910-1940. Harvard Due east Asian Monographs. Cambridge: Harvard University Press. ISBN978-0-674-36439-4.

External links [edit]

• Statistics Korea
• Ministry of Economy and Finance (South Korea)
• Korea Customs Service
• Bank Of Korea
• World Banking company Summary Trade Statistics South Korea
• S Korea – OECD
• South korea profile at the CIA World Factbook
• South Korea contour at The World Bank

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Source: https://en.wikipedia.org/wiki/Economy_of_South_Korea

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