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时间:2015-12-23 17:25来源:www.ukassignment.org 作者:留学生作业网 点击:
Macro Economics Project On South Korean Economy

Economic Structure:
South Korea is the home of worlds one of the fastest growing GDP during the period 1962 to 1990. It is now world's one of the most High tech industrialized countries and a member of G-20. Its ranks 15th by nominal GDP and 12th by Purchasing power parity.
Economy is based on plentiful natural resources, a population of 1.5 billion, an export oriented product and service development and potential consumer market.
Despite the South Korean economy's high growth potential and apparent structural stability, South Korea suffers perpetual damage to its credit rating in the stock market due to the belligerence of North Korea in times of deep military crises, which has an adverse effect on the financial markets of the South Korean economy. However, International Monetary Fund (IMF), also compliment the resilience of the South Korean economy against various economic crises, citing low state debt, and high fiscal reserves that can quickly be mobilized to address any expected financial emergencies. It is one of those few developed countries that restricted the economic recession during the fiscal year 2008-09 anticipating a GDP growth of 6.1% in 2010.
It is the home of several big electronic device manufacturing giants like Samsung, LG electronics etc. and automobile giants live Daewoo, Hyundai motors etc. It's an open economy unlike North Korea which has a closed economy.
Historical Aspect:历史方面
Throughout its long history, Korea was secluded from the outside world, particularly the Western world. The country was often described as the Hermit Kingdom of the Orient. This changed in the latter part of the 19th century, when Korea was forced to open its doors to Japan and the Western powers. In 1876 Japan forced Korea to open its ports to Japan by a treaty of friendship. Korea was almost entirely an agrarian economy before the Japanese colonization of 1910. During the colonial era of 1910 to 1945, the Korean economy experienced rapid structural transformation. The structural pattern of this development was largely determined by the Japanese colonial regime. As a result, the Korean economy experienced what is known as 'colonial enclave' industrialization. During this period, the share of manufactures in net commodity-product grew from less than 4 percent to over 20 percent.
The nation's liberation was marred by the partition of Korea into two parts, North and South. South Korea was occupied by US military forces until 1948 when the government of the Republic of Korea was established. Among 1945 and 1950 Korea was in a rather chaotic situation. Economically, the partition had crippled the nation. The South was primarily agricultural while the North possessed most of the natural resources and the heavy industry established by the Japanese. The withdrawal of Japanese manpower, particularly skilled manpower, was another detrimental factor for the Korean economy immediately after liberation. Negative political and administrative factors vacuum created turmoil on all fronts. The US military government that existed during 1945-1948 was not fully prepared, and consequently it was not helpful in improving the situation.
Byung-Nak Song says that the period 1945-53 was one of interrupted development and social chaos. Economic development was greatly hindered after liberation by the division of the country into North and South in 1945, political turmoil during the American occupation (1945-8), and the Korean War (1950-3). The Korean War destroyed almost two-thirds of the nation's productive capacity, and almost 1 million civilians were killed. Total industrial production in 1953 was estimated to be not much more than one-third of the production level of 1940. The South Korean economy began a solid recovery immediately following the deviating war. During this period, foreign aid was an important factor in the nation's economic growth.
South Korean economy in Global economy:韩国经济在全球经济中的发展:
The most challenging task that the South Korean economy faces today is how to overcome the protectionism and economic regionalism that is now prevalent in the world economy. In this regard, the new Korean government puts much emphasis on establishing a basic orientation for foreign trade policies to correspond to ever changing international conditions. In the case of the South Korean economy, which has a high degree of dependency on foreign transactions, it is almost impossible to separate domestic policy and foreign trade policy because these policies are so closely interrelated. Therefore, the direction that the international economic order takes, which is strongly influenced by the three economic superpowers, the US, Japan, and the European Union, will have a great deal of influence on the South Korean Economy.
South Korean economy is basically tripolar because of the effects of Japan, US and EU. The system plays a major role in all the places of the world and South Korea's economy from trade and capital movement, to finance and technology cooperation. Therefore, it is obvious that Korea's relationship within this system will have a great impact on its economic development. Any bloc in the economy will have a considerable impact on these economies. Like US is South Korea's biggest trade partner, especially in export, but Japan is the country from which South Korea imports the most. the US and EU play a major role in the areas of capital and financial cooperation, and Japan in the area of technology cooperation.
South Korea now seeks increasingly to develop its own technology and to sell under its own brand names. Its growing wealth is shared more equally than in many other rapidly developing countries, its farming is firmly based on the owner occupation of small holdings and it has coped impressively with its dependence on energy imports. The fall in export volume experienced in 1989 illustrates the difficulties to the transition Korea is making to knowledge - based, high - productivity export sector. Exports remained too sensitive to price considerations to weather the combined effects of a rising currency and soaring wages
The Basic Model of South Korean economy:韩国经济的基本模式:

Foreign Investments
(Ignitable Factor)
Government's will to develop
(Cohesion factor)
Low Price & High Quality Labor force (Potential for Development
Sectoral Analysis
The three sectors in which an economy can be very well divided are:

Primary sector comprises of various industries and activities which are associated with raw materials, basic foods and many a time the extracts from the earth.
The major industries related to Primary Sector in South Korea are as follows:
Agriculture: This sector has lost its sheen ever since the country started treading the path of industrialization. Agriculture sector has come to contributing just 3% of the total GDP. There are several reasons behind this phenomenon, some of them being the moving of people out of the rural areas because of the lack of jobs, educational opportunities and income in the rural areas. Apart from this there are some geographical and inherent problems related to this sector. The country is a mountainous country with little arable land and receives less rainfall in comparison to all the neighboring rice producing countries. The percentage of work force involved in agricultural activities is just 6. All these reasons have forced the country to import mainly wheat and animal feed starting from late 1980's itself. The most important crops produced in the country were rice and barley in that order. In the recent times and for the last two decades agriculture is being fast replaced by the service industry, also due to rapid technological development of the country.
Fisheries & Forestry: The fisheries sector has been a sector closely linked to the agriculture sector. The country largely depends on the imports for satisfying their domestic demand. This fact is evident from the figures which say that the imports of South Korea in this sector touched $1 Bn in 1996-97 as compared to $ 20 Mn in the 70's. Also the exports have fallen significantly from 5% to 1% when compared the 70's and the late 90's figures.
When talking about the forestry sector, again in this case too, the country has been a major importer. The country has over a 65% forest cover, but the topography of the land does not allow commercial forestry to be practiced. Thus the country relies on the imports mainly for timber on the neighboring nations (Indonesia & Malaysia). This is used by the rural folk for various reasons.

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