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EXAMINATION
South Korea 2016-2017
12 ABM C
Ma. Recy M. Pia
Mara Anita E. Esaga
Gelbert L. Asis
Competitiveness
South Korea is the 26 most competitive nation in the world out of 137 countries ranked in
the 2016-2017 edition of the Global Competitiveness Report published by the World
Economic Forum. Competitiveness Rank in South Korea averaged 21.67 from 2007 until
2018, reaching an all-time high of 26 in 2015 and a record low of 11 in 2008. South Korea
scored 5.07 points out of 7 on the 2016-2017. Competitiveness Index in South Korea
averaged 5.07 Points from 2007 until 2018, reaching an all-time high of 5.39 Points in
2008 and a record low of 4.93 Points in 2011
Employment Rate
Employment Rate in South Korea increased to 61.30 percent in September from 61.10
percent in August of 2017. Employment Rate in South Korea averaged 59.50 percent
from 1999 until 2017, reaching an all-time high of 61.50 percent in July of 2017 and a
record low of 56.10 percent in February of 2001.
Inflation Rate
Consumer prices in South Korea increased 1.3 percent year-on-year in November
of 2017, easing from a rise of 1.8 percent in October and below market expectations also
of 1.8 percent. It was the lowest inflation rate since December of 2016 amid lower prices
of utilities and foods.
Year-on-year, prices rose at a softer pace for housing utilities (0.3 percent from 1.8
percent); food and non-alcoholic beverages (0.5 percent from 1.7 percent); health (0.3
percent from 0.6 percent) and alcoholic beverages and tobacco (1.4 percent from 1.6
percent). Also, inflation eased for miscellaneous goods and services (2.5 percent from
3.1 percent) and furnishings, household equipment and routine maintenance (1.7 percent
from 1.9 percent). In addition, prices fell for recreation and culture (-0.9 percent from 0.3
percent).
In contrast, consumer prices increased faster for restaurants and hotels (2.6
percent from 2.5 percent), while they rose at the same pace as in the previous month for
clothing and footwear (1.1 percent); transport (3.6 percent) and education (1.0 percent).
Annual core inflation, which excludes volatile items such as energy and food went
down to 1.4 percent from 1.6 percent.
On a monthly basis, consumer prices fell 0.7 percent, following a 0.2 percent
decrease in the previous month.
What makes them competent?
Korea is the only country in the whole world that have been divided into two parts,
the North Korea and the South Korea. South Korea is a great place and has become
competent because of different factors and attributes. One of which is the good
governance entailed by the government that makes human force or human gift not come
into waste. The country was more focused on the human power and innovation of
technological materials. In fact, it is the world’s number 1 producer in mobile phones,
displays, semiconductors and shipbuilding mainly exporting machinery, automotive,
semiconductors and petroleum products. It is also the world’s 15th largest economy and
9th largest trading nation, with a trade volume of more than 1 trillion US dollars. In addition
to that, the Korea’s labor productivity is the 2nd highest country OECD.
South Korea's economic success after the Korean War initially reflected the
government's strategy to catalyze the development of low-cost manufacturing exports.
But it was the emergence of the Korean conglomerates, known as "chaebols," as strong
multinational corporations which became essential to the economic transformation of the
country. Experiencing the worst because of the Korean War just makes them more
competent for they have learned throughout the said journey, they’ve become better and
those experiences will be forever be engraved in every Koreans heart. The war has not
become the hindrance for the South Korea to succeed and achieve its economic stability
as what we all can see now. They’ve been able to surpass the challenges because they
never have the will to give up. They may not be gifted with natural resources but they are
much more blessed with human gifts and talent which they have maximize to the fullest.
Innovation and technology are the key factors that have underpinned South
Korean export competitiveness and fueled the country's remarkable economic rise over
the past decades. The growth rate has been so impressive that the East Asian nation
went from being one of the poorest countries in the 1960s to becoming the world's 13th
largest economy in 2014, according to the World Bank.
As a result, the country is investing much more in research and development
(R&D) as a share of GDP than other advanced economies. According to recently released
data by the Organization for Economic Co-operation and Development (OECD), South
Korea spent 4.29 percent of its GDP on R&D in 2014, followed by Israel (at 4.11 percent),
and Japan (3.58 percent).
In addition, the 2016 Bloomberg Innovation Index ranked the country as having the
world's most innovative economy, ahead of Germany, Sweden, Japan and Switzerland.
The index evaluated nations according to six different categories, including R&D, high-
tech companies, manufacturing, research personnel, patents and education.
“Spending more on R&D than any other economy not only reflects a domestic
consumer base with a high demand for new technological developments, but also the
government's objective to build a creative economy," Ferrier told DW. So South Korea
was more focused on innovation and technologies given the fact that they are not that
rich in natural resources, they have few resources but it is not enough. They have
usefully maximized the human power they have. South Korea maybe a small country
with lot of competitors, they’ve been compared to Japan and China their neighboring
country but South Korea is just unique in their own way. They stand out even without
they are not in the limelight.