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South Korea: Graph & Statistical Analysis

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Introduction

South Korea: Graph & Statistical Analysis 25/05/01 Dane Fewtrell LABOUR RESOURCES (1) Agriculture: (32/98)*360=117.55 degrees Retail/Wholesale: (22/98)*360=80.81 degrees Manufacture: (21/98)*360=77.14 degrees Public Utilities and services: (11/98)*360=40.40 degrees Construction: (6/98)*360=22.04 degrees Unemployed: (4/98)*360=14.69 degrees Agriculture: (16/98)*360= 58.77 degrees Retail/Wholesale: (22/98)*360= 80.81 degrees Manufacture: (25/98)*360= 91.83 degrees Public Utilities and Services: (16/98)*360= 58.77 degrees Construction: (9/98)*360= 33.06 degrees Unemployed: (2/98)*360= 7.34 degrees Other: (10/98)*360= 36.73 degrees LABOUR RESOURCES (2) SECTOR % Increase or Decrease Agriculture Retail/Wholesale Manufacture Public Utilities and Services Construction Unemployed Other Decrease 50% No change Increase % Increase % Increase % Decrease % Increase % IMPORTING & EXPORTING RESOURCES (3) TRADE ITEM APPROX. % TOTAL IMPORT/EXPORT MAIN EXPORTS PRODUCED Machinery & transport equipment Clothing Textiles 40% 12% 10% MAIN IMPORTS PRODUCED Machinery & transport equipment Mineral fuels and lubricant Raw Materials 30% 20% 12% ECONOMIC TIGERS As one of the 'Four Dragons of East Asia', South Korea has achieved an incredible record of growth. ...read more.

Middle

A lot of import substitution occurred as a result of this strategy (The boom of the automotive and transport machinery industry is one example). The following statistics make a comparison between 1982 and 1992. In the areas of employment a general trend of people moving from agricultural and rural services, towards much more urban-orientated employment, the decrease in agriculture is 50%. This sharp decrease can be seen as urbanisation, or modernisation with better employment prospects in the cities for people with low-level or basically no special labour or employable skills. They are needed in manufacturing, construction, and easily trainable areas of industry. City employment industries all increased with the exception of retail and wholesale, which supports the idea of the government sacrificing consumer goods and encouraging less consumption of non-beneficial products. Unemployment also decreased, showing growth in the economy as a whole. ...read more.

Conclusion

This 22% drop triggered massive sell-offs on Wall Street and thus caused the crash in value of all Asian stocks. The so-called 'Asian Tigers' were then left with very poor export rates, and with South Korea so heavily dependent on foreign exports, the government realised a few disadvantages to such heavy dependence. The crisis revealed deep weaknesses in South Korea's development model, including massive credit and debt issues, massive foreign borrowing, and an unregulated financial sector. The most important thing that became understood by economists was that domestic development was perhaps not as important, but altogether just as necessary as export industries, because of situations like the '97 crisis. By 1999 GDP growth had recovered, reversing the substantial decline of 1998. The government has enforced reform and restructure into major business groups, and pressured them to strengthen their financial base so that they have contingency plans, and that they are executed much more efficiently. ?? ?? ?? ?? ...read more.

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