south korea economy
DESCRIPTION
The South Korea economy is the 4th largest in Asia and the 12th largest in the world. South Korea, or the Republic of Korea, is credited with a meteoric rise from being one of the poorest economics to a developed and high-income country in just a few decades. This economic growth, sustained since the 1980s, is dubbed the “Miracle of the Han River.”TRANSCRIPT
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China Economy Growth
China is the most populated nation on the planet, and the China economy has
recently become the world’s largest in terms of purchasing power parity.
Nevertheless, China is struggling with slower growth, and also the COVID-19
pandemic is taking its toll on the country’s economy. But, according to the
International Monetary Fund (IMF), China economy growth is one of the few
economies poised to grow in 2020. However, the prediction of 1.2% growth is a
sharp slowdown.
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South Korea Economy
South Korea has a population of just over 51 million, it has relatively high population density and few natural resources. It has adopted the capitalist ways of the West and its economy features low unemployment, moderate inflation, export surplus and relatively equitable distribution of income. However South Korea does have an ageing population, a rigid labor market and is reliant on imports.
Excluding 2009, South Korea has seen GDP growth above 2%, and sometimes well above, for the past decade. In 2019, South Korea saw a GDP growth of 2%. For 2020, due to Covid-19, the IMF predicts the economy to shrink 1.2%. If the pandemic is brought under control in the second-quarter of this year, South Korea’s economy could grow again 3.4 percent in 2021.
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