Essay on Korea
What distinguishing factors help explain the rapid economic growth experienced by the South Korean economy over the past four decades?
As the South Korean economy has reached a more mature stage of its economic growth, what are the evolving challenges it has had to face?
What are its prospects of continued economic success in the increasingly globalised world economy?
The rapid growth and development in the newly industrialising economies (NIE’s) in recent decades has been nothing short of spectacular. Now among the world’s most dynamic industrialised economies, the NIE’s of Singapore, Taiwan Hong Kong, and South Korea which will be the focus, stand as perhaps the best examples of successful economic development. The economic …show more content…
South Korea’s economic success as noted can also be contributed to the high levels of savings and investment. South Korean’s save about 35% of GNP and thus sustainable economic growth has been driven by capital stock accumulation and expanded productive capacity. Indeed some figures show up to 60% of economic expansion in South Korea is a result of capital accumulation and increase infrastructure.
Undoubtedly one of the most important rationalisations for economic success is effective government intervention. Selective government intervention has promoted the development of new industries, many of which have become internationally competitive and also supported and advanced