The Economy of Korea, Republic of

The United Nation ranks South Korea as a Prosperous Economy while the CIA and IMF included the country in its list of highly developed economies. The World Bank categorizes South Korea as a High Income Nation with a GDP per capita almost $26,500 by 2007. South Korea’s economy is the 13th largest in the world and 3rd in the Asian region with a value of $1.21 trillion as of 2007 based on GDP (PPP). South Korea is also regarded as one of the Four Asian Tigers together with Japan, China, and Hong Kong.

GDP based on sector comprises of services (57.2%), industry (39.6%), and agriculture (3.2%) as of 2007. Major industries in South Korea include electronics, automobile, ship building, chemicals, steel, textiles, clothing, and food processing. Companies such as Hyundai, Samsung, and LG Group are globally competitive South Korean companies that made great impact on the nation’s economy. The nation’s main trading partners are China, Japan Hong King, UAE, Saudi Arabia, and the US. By the start of the 21st century, South Korea has become a leader in the IT industry. It surpassed the US and Japan in the digital display and semiconductor industries. It also became the most wired and wirelessly connected nation in the world, ranking 2nd for most broadband users in the world. Technologies like 4G, WiBro, DMB, and a 100-mbps nationwide Internet speed have already been initiated as early as 2000.

The South Korean government has recently invested to the robotics industry. It is the country’s goal to become the “World’s Number 1 Robotics Nation” by 2025 with the plan of putting 1 robot per household by the end of 2020. The industries of biotechnology, entertainment and aerospace are also planned to be developed significantly.