With China and Japan dominating the news out of Asia, S. Korea seems to be left behind when it comes to blaring headlines or major economic events. But there is always something happening in the world’s 13th-largest economy and despite continuous threats from its northern neighbor, S. Korea seems to be moving ahead in many ways.
So what’s going on in the Land of the Morning Calm?
Statistics first: The total value of the country’s output grew from $1.3 billion in 1953 to more than $1.4 trillion in 2014. It has one of the fastest broadband penetration and mobile connection rates, and has a high education rate with 70 percent of high school students going to college. It is a member of the OECD and the G20 and it competes with some of the world’s most aggressive industries and conglomerates in shipbuilding, automobiles, electronic appliances, semiconductors, construction and chemicals.
But there is always something happening in the world’s 13th-largest economy and despite continuous threats from its northern neighbor, S. Korea seems to be moving ahead in many ways.
Exports Up
Exports accounted for about 32% of total South Korean economic output, amounting to US$573.1 billion in 2014, up 22.9% since 2010. South Korea’s top 10 exports accounted for 64.9% of the overall value of its global shipments and the International Monetary Fund’s World Economic Outlook Database valued South Korea’s total Gross Domestic Product at $1.7 trillion in 2014.
With a total population of 48.4 million people, S. Korea’s total $573.1 billion in exports during 2014 translates to roughly $11,847 for every person in the country.
The US-Korea Free Trade Agreement which was ratified by both governments in 2011 and took effect in March 2012 was a step towards direct economic cooperation with North America. However, the economy experienced sluggish growth throughout 2011 and 2013 due to market slowdowns in the United States, China, and the Eurozone.
Today, the S. Korean currency, the won, is holding its own and has been strengthening against world currencies. Still, South Korea is challenged by the same long term obstacles faced by other world economies which include a rapidly aging population, inflexible labor market, the dominance of large conglomerates and heavy reliance on exports, which for S. Korea comprise about half of its GDP.
Politically, over the years, the country has undergone several unsteady political systems and many people sacrificed their lives in the name of democracy. But the country has come up on top and is now accepted as a strong democratic nation with a government that provides universal suffrage and freedoms for all its citizens.
S. Korea currently ranks in the top 10 in both summer and winter sports, with its own blend of Korean music and cultures.
Historical Recall
S. Korea ‘s history is short but through cultural endeavors, it is making an effort to enlighten its future generations of events in the past and perhaps rectify wrongs committed over the years.
Next month it will publicize the list of family members who have been separated by the 1950-53 Korean War in a move towards holding a temporary reunion later this year. According to the Ministry of Unification figures, nearly 130,000 people were registered as separated families between 1988 and July 31, 2015. Of these individuals, nearly half, or 63,000, were found to have passed away as of late June, with more than half of the surviving 66,000 past the age of 80. This will be the ministry's first attempt to check the status of more than 60,000 survivors at once.
A unification ministry official noted that "So many of these family members pass away each year, but reunions of separated families have been stalled since February 2014. It's important to update this list to ensure that another reunion may be organized in the near future."
Hollywood Film in the Making
In another interesting step to bring history to the forefront, a film is currently being produced on the Battle of Inchon, one of the Korean war’s earliest skirmishes. The film will focus on eight South Korean troopers who helped turn the tide against the communist northern forces during a covert operation that took place before the battle’s opening surprise amphibious attack on the city of Inchon. The combat resulted in a decisive victory for US and United Nations-backed southern forces, and paved the way for the liberation of Seoul on 25 September, 1950. It put an end to a string of victories by the north and allowed southern advances to take place until October when the communist Chinese entered the conflict.
Popular Hollywood actor, Liam Neeson, is to play the famed American general of the United States army, General Douglas MacArthur, whom historians suggest was the driving force behind the victory.
A Boost to Tourists
In an effort to boost up its tourist image, S. Korea has been going out of its way to remodel its tourist accommodations, especially what was once considered ‘love hotels.’ South Korean’s hotel business boomed in the late 1990’s and early 2000’s after the government issued thousands of permits following the 1988 Seoul Olympic Games.
Time takes its toll and many of these ‘questionable’ establishments have been driven out of business during a 2014 crackdown by then President Roh Moo-hyun, but there were still 25,000 such low-end motels scattered across the country. Quality now is of the essence and the present goal is to attract more tech-savvy clientele for short stays which is the most highly effective way for these hotels to stay in the black. Today, customers waiting for a room can sit comfortably in the lobby of a hotel and partake of free coffee and snacks; they no longer have to sneak surreptitiously through secreted entrances and partitioned parking lots as they did just several years ago.
Indeed, South Korea is moving along with the times.