South Korea Economy

 Essay in South Korea Economy

Over VIew

Southern region Korea was the one of the poorest country in the world in 1953 and GNP per person was $67. However , South Korea started to develop rapidly seeing that 1960 and reached twelve million us dollars of countrywide income in twenty years. Right now Korea is among the G20 members with GROSS DOMESTIC PRODUCT of dollar 1 . 116 trillion ( 2010 ). Country research

Korea's economic climate was based upon agriculture at the begining of days. Yet , contribution of agriculture decreased as Korea industrialize. Culture and domestication of Korea is made of tiny farms. As well the range of crops will be narrow, 85 percent of agriculture is dependent on rice and also other crops and plants happen to be decreasing slowly but gradually. Korea depends upon imports of dairy, meat and grains (figure one). For the examples of major sector, there is not any significantly big farm or business in primary sector. Rice farms are focused in Kimpo, fishing upon west and east coast and other fruit and vegetables in Pyungchang. Primary is mostly private sector but sometimes farmers acquire land from government. Extra sector may be the biggest sector in Korea. Major extra sector sector includes Stainlesss steel, Electronics, Shipbuilding, Automobiles and Automotive Parts, Textiles and Footwear and Construction. Second sector is majorly personal sector. For the types of secondary sector there are Hyundai; cars and constructions, Samsung cars; building, automobile, semiconductor, LG; vehicle, electronics. Additionally, there are many small-semi companies who have produce semiconductors, electrons and construction. Tertiary sector includes insurance, eating places, hotels, laundries, public bathroom houses, health-related services, internet connection, and entertainment establishments. Almost all of the insurance, eating places, hotels will be private groups. Businesses just like transportation will be public sector. Few of the housing and well being -related providers include public sectors. You will discover examples of tertiary sector such as samsung insurance, hyundai insurance, Donga insurance, KT telecommunications, Olleh broadband...

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