South Korea's Economy: A Look at Growth & Education

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In summary, South Korea's economy has experienced significant growth in recent years, which many attribute to the country's highly educated population. However, there are concerns that the job market may not be able to absorb the large number of degree holders, leading to questions about the effectiveness of their development plans. The country's culture, with a focus on science and technology, has played a key role in their success, but there are also worries about the changing attitudes towards these fields in younger generations.
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John Creighto
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What do people think of South Korea's economy. They seem to have had a lot of growth. What would people attribute this to. They are highly educated in Korea but the Korean market is not able to absorb the amount of people with degrees. Is this a disaster in planing or has this helped to drive the economy?
http://www.economist.com/node/21538104?fsrc=nlw|hig|11-10-2011|editors_highlights
 
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I think this is an interesting article for understanding how Korean culture has helped their development: http://english.chosun.com/site/data/html_dir/2010/03/23/2010032301079.html

In 1983, being a scientist was the job most children wanted to get when they grew up. I think that kind of attitude along with a government that encourages technological growth has been the key to their development. How it will go in the future is hard to say. As you can see from the article, the most popular occupation among children is now being an entertainer, and the science and technology field has lost much of its prestige. At the same time "everyone" takes a university degree, and many end up with degrees which does not make them employable.
 

1. What has been the economic growth of South Korea in recent years?

In recent years, South Korea's economy has experienced steady growth, with an average annual growth rate of 2.9% from 2010-2020. However, due to the COVID-19 pandemic, the economy saw a decline of 1% in 2020. The government has implemented various measures to stimulate economic growth and is aiming for a growth rate of 3% in 2021.

2. How does South Korea's education system contribute to its economic growth?

South Korea's education system is known for its emphasis on academic success and high levels of achievement. This has led to a highly educated and skilled workforce, which is a major factor in the country's economic growth. Additionally, the government invests heavily in research and development, which further contributes to the country's economic success.

3. What are the key industries driving South Korea's economy?

The key industries driving South Korea's economy include electronics, automobiles, shipbuilding, and petrochemicals. The country is also a major exporter of consumer goods, such as clothing and cosmetics. In recent years, the government has also been promoting the growth of the service sector, including finance, tourism, and healthcare.

4. How does South Korea's economy compare to other countries in the region?

South Korea has the fourth-largest economy in Asia and is often referred to as one of the "Asian Tigers" due to its rapid economic growth in the second half of the 20th century. It also has one of the highest GDP per capita among Asian countries and is considered one of the most developed and technologically advanced countries in the region.

5. What are the main challenges facing South Korea's economy?

One of the main challenges facing South Korea's economy is its aging population and low birth rate, which could lead to a shortage of labor in the future. The country also faces increasing competition from other emerging economies in the region. Additionally, the high levels of household debt and reliance on exports make the economy vulnerable to external shocks.

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