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Collection of research papers and materials on development issues

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Economy Economic Conditions

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South Korea : Economic growth and development

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  • South Korea
  • Riley,Geoff
  • Tutor2u


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Title South Korea
Similar Titles
Sub Title

Economic growth and development

Material Type Web-Links
Author(English)

Riley,Geoff

Publisher

[Boston Spa, U.K.] : Tutor2u

Date 2017
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Economic Conditions
Holding Tutor2u
License

Abstract

This study note covers aspects of growth and development in South Korea South Korea is one of the most highly regarded countries in the world when it comes to sustained growth and development. In each of the last five decades, the average annual rate of growth has exceeded 5% and the economy is now an innovation-driven, high-income country of just under 49 million people with a total GDP in excess of $1 trillion and a per capita income of over $20,000 (PPP adjusted). The South Korean economy accounts for 2% of world GDP and the economy is making progress in converging towards Japanese income levels. Some commentators have christened South Korea the “Germany of Asia". Jim O'Neill, the creator of the BRICs acronym regards South Korea as a top nation in terms of sustained growth potential.