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Jyp Entertainment Building 2020 - Fangirling In South Korea A Fangirl S Heart Entertainment And Lifestyle Blog: To facilitate all the staff members, idols, and guests, you'd need a building that has sufficient space for every one. Leave a reply cancel reply. South Korea has certain customs, traditions, and rules of etiquette that have developed over the years, and many of them are different than what occurs in most other countries. While Koreans are generally accepting of any cultural faux pas that visitors make, it’s much better to be informed so you can make the best impression possible. While the Ioniq 5 is just around the corner, the next member to arrive from Hyundai’s Ioniq family will be the Ioniq 6. Scheduled for 2022, our colleagues at Motor.es have created this rendering in order to give a more real and close to production image.

Edited by Harry J. Kazianis, the Center for the National Interest’s Korean Studies Senior Director and TNI’s Executive Editor, Korea Watch is our portal into all things Korea.

Study notes

Levels: AS, A Level
Exam boards: AQA, Edexcel, OCR, IB

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This study note covers aspects of growth and development in South Korea

South Korea is one of the most highly regarded countries in the world when it comes to sustained growth and development. In each of the last five decades, the average annual rate of growth has exceeded 5% and the economy is now an innovation-driven, high-income country of just under 49 million people with a total GDP in excess of $1 trillion and a per capita income of over $20,000 (PPP adjusted).

The South Korean economy accounts for 2% of world GDP and the economy is making progress in converging towards Japanese income levels. Some commentators have christened South Korea the “Germany of Asia'. Jim O'Neill, the creator of the BRICs acronym regards South Korea as a top nation in terms of sustained growth potential.

South Korea has an enviable record of macroeconomic stability – the economy was hit hard by the Asian Financial Markets Crisis of the late 1990s but this led to wide-ranging economic reforms and the aim of making the country more resilient to regional and global economic shocks
The economy avoided recession in 2009 (one of only a small handful of advanced nations to do so)
Recovery was strong in 2010 although it has slowed down since – averaging just over 3%. Keep in mind that the natural rate of growth for high-income countries tends to slow down – it becomes harder to sustain rapid percentage growth rates
The economy continues to be driven forward to strong export performance and the share of national output taken up by manufacturing industry has risen – thus far South Korea has avoided the process of de-industrialisation, indeed her service sector is relatively weak by global standards
Exports have held up well partly because the South Korea currency (the Won) has depreciated
Both consumer price inflation and unemployment remain low
The economy runs a current account surplus and the budget (fiscal) balance is strong – South Korean national debt is very low (less than 40% of GDP) – this provides a buffer if and when South Korea has to fund the costs of integrating a failing North Korean economy after re-unification
One area of weakness is consumer debt - Korea's household debt to GDP ratio stands at about 80%, the highest in Asia and more than most OECD countries
Is South Korea too export-dependent?

Competitiveness Indicators

One of the strengths of South Korea is her scores on a range of competitiveness indicators. The percentage of national income given over to research and development (R&D) has grown and a rising percentage of exports come from hi-technology products. South Korea has outpaced countries such as Taiwan in moving towards high value-added manufacturing products. The economy boasts some world class businesses including Samsung, Hyundai, LG and Kia Motors. Exports account for over 50% of GDP and two thirds of South Korean exports go to developing nations. Trade with China has grown rapidly.

The economy is relatively open for foreign trade and investment, but the South Korean economic model has not been built on free market principles. Much of the early growth was supported by import tariffs as part of an import substitution policy.

Global competitiveness ranking for 2012: 24/142
Infrastructure: 9/142
Macroeconomic environment: 6/142
Health and primary education: 15/142, Higher education and training: 17/142
Technological readiness: 18/142, Market size: 11/142

In nearly every year since 1996 the annual increase in exports of goods and services has easily outpaced the growth of GDP – leading to a sustained rise in the share of exports in South Korean national income.

Human Development Progress for South Korea

South Korea is ranked 15^th in the latest Human Development Index
Life expectancy is high (80.6) and public expenditure on education and training high (>4% of GDP)
The country is highly urbanised (83% of the population)
Income and wealth inequality is low but it has been increasing in recent years.

Export Transition

A key development challenge for middle-income countries is to achieve a process of export transition away from lower value-added products towards goods and services that command higher premium prices in advanced nation markets. South Korea appears to have made this transition well – Samsung is a major competitor to Apple Inc for example – and exports to emerging countries are growing strongly

Unlike many middle income and newly established higher income countries, South Korea's manufacturing industry has seen a rising share of national income

South Korea and Regional Trade Agreements

Korea's integration in the world economy is still low in terms of import penetration, the share of foreign workers and the stock of inward FDI. Korea has taken steps to enhance its openness through free trade agreements (FTAs), including those with the EU and the United States. FTAs may also help boost the stock of inward FDI from its 2010 level of 13% of GDP, the third lowest in the OECD area. Moreover, FDI in services is only 6% of GDP in Korea compared with an OECD average of 37%.

South Korea and US Living Standards – An Example of Income Convergence

Income convergence happens when a nation's per capita income (PPP adjusted) moves closer to that of another i.e. the gap in relative income per head decreases.
The chart above presents GDP data for Taiwan, South Korea, China and India. The data is expressed as a percentage of the USA level – US per capita GDP usually increases each year so that for income coverage to take place, it is vital for country's to outpace the USA in terms of growth.
South Korea and Taiwan have both escaped the middle-income trap – by the end of 2010 their per capita GDP levels were under two-thirds of the US level. China is making big strides – India too although to a less extent. Despite this, their income per capita remains a relatively small fraction of the US level.

Date	Relative to Japan (%)	Relative to the United States (%)
1970	19	12
1980	28	19
1990	42	34
2000	65	47
2010	89	64
Source: OECD (2012), Going for Growth 2012

Key Development Indicators for South Korea

Selection of Key Indicators for South Korea	Unit	2004	2006	2008	2010	2011
Production and income
GDP per capita	USD current PPPs	21 624	24 247	26 689	28 797	30 254
Gross national income (GNI) per capita	USD current PPPs	21 688	24 284	26 888	28 834	30 336
Economic growth
Real GDP growth	Annual growth %	4.6	5.2	2.3	6.3	3.6
Net saving rate in household disposable income	%	9.2	5.2	2.9	4.3	3.1
Government deficit	% of GDP	2.7	3.9	3.0	1.3	..
General government debt	% of GDP	23.3	28.6	29.9	34.2	36.0
Total tax revenue	% of GDP	23.3	25.0	26.5	25.1	..
Imports of goods and services	% of GDP	36.7	38.3	54.2	49.7	54.1
Exports of goods and services	% of GDP	40.9	39.7	53.0	52.3	56.2
Goods trade balance	Bln USD	29.4	16.1	-13.3	41.2	30.8
Inflation rate: all items	Annual growth %	3.6	2.2	4.7	2.9	4.0
Long-term interest rates	%	4.73	5.15	5.57	4.77	4.20
Unemployment rate: total labour force	%	3.7	3.5	3.2	3.7	3.4
Total population	'000 persons	48 039	48 372	48 949	49 410	49 779
Population growth rates	%	0.4	0.5	0.7	0.5	0.7
Total fertility rates	Children	1.2	1.1	1.2	1.2	..
Youth population aged less than 15	% of population	19.7	18.6	17.3	16.1	15.6
Elderly population aged 65 and over	% of population	8.7	9.5	10.3	11.0	11.4
Life expectancy at birth	Years	78.0	79.0	79.9	80.7	..
Infant mortality	Per '000	..	4.1	3.5	3.2	..
Overweight and obese aged 15 and over	% of population	..	..	..	30.2	..
Suicide rates	Per 100 000 persons	17.7	15.9	19.4	21.4	..

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Geoff Riley

Geoff Riley FRSA has been teaching Economics for over thirty years. He has over twenty years experience as Head of Economics at leading schools. He writes extensively and is a contributor and presenter on CPD conferences in the UK and overseas.

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Interesting Facts for Kids

Here are some interesting South Korea Facts which were chosen and researched by kids especially for kids.

South Korea Facts at a Glance

South Korea Flag

Population: 51.8 million people live in South Korea (2020). The majority of the people live in the province surrounding Seoul in the north west of the country.
Capital: Seoul with 10 million inhabitants is also the country's biggest city
Name: 대한민국Republic of Korea (ROK)
Government: Presidential Republic
Official Language: Korean
Literacy: More than 95% can read and write.
Religion: Main religions are Christianity (27%) Buddhism (15%), however many practise Confucianism regardless of their religious beliefs
Currency: 1 South Korean Won equals 100 Jeon

National Anthem: Aegukga ('Patriotic Song')
National Symbols: Taegeuk (yin yang symbol). The national emblem Gukjang includes the yin yang symbol and the national flower combined. The National Flag is called Taegukki, the national colours are red, white, blue and black.
National Flower: Mugunghwa (Rose of Sharon or Hibiscus syriacus)

National Emblem

National Animal: Siberian tiger
History: For many centuries, South Korea was an independent kingdom, but after 1905 the country was ruled by the Japanese. After Japan surrendered to the USA after the Second World War in 1945, Korea gained independence again, but the country soon was split between South Korea (which is largely supported by the USA) and communist North Korea along the 38 degrees latitude. Since 1953 South Korea's economy expanded successfully, while the people in North Korea are very poor and the relations between the two Koreas are very strained.
National Holiday: 15 August (Liberation Day)
President: Moon Jae-in (since May 2017; Next elections will be in March 2022)

Where is South Korea? - South Korea Map

South Korea is located in Eastern Asia and sits on the southern half of the Korean peninsula. The only land borders are with North Korea with which South Korea shares the Korean peninsula.

The Korean peninsula is surrounded by the West Sea/Yellow Sea, the South Sea/East China Sea and the East Sea/Sea of Japan.

South Korea has a coastline of about 2413 km/ 1500 miles in length. The capital city of South Korea is Seoul.

South Korea is roughly the size of England or Portugal and about ⅓ of the size of Germany. South Korea is slightly smaller than the US state of Pennsylvania or seven times smaller than Texas!

South Korea Geography

South Korea is a mountainous country, with about 70% of the land covered by hills and mountains. Nam-san or Nam mountain overlooks the capital city of Seoul.

Nam-san overlooks the city of Seoul

The highest mountain of South Korea is Halla-san, also called Mount Halla, with a height of 1950 m/ 6400 ft. Halla-san is a shield volcano and one of three volcanic mountains on the Korean peninsula. South Korea sits on the 'Ring of Fire' where earthquakes and volcanic eruptions occur. Halla-san is an active volcano, however, it has not erupted in many centuries. The mountain is located on the island of Jeju.

Jeju is the largest South Korean island and located to the south of the peninsula. It has a moderate climate and is a popular holiday destination. There are more than 3000 islands mainly off the southern and western coastlines of South Korea.

Jeju Island in South Korea

Nakdong River is the longest river in South Korea. It is 510 km /320 miles long. The river passes through the cities Busan and Daegu in the southeastern part of the country.

Chungju Lake is the largest lake in South Korea. This lake in central South Korea is not a natural lake as it has been created by flooding of the valleys after the construction the Chungju dam.

The biggest cities in South Korea are:

Seoul - 10 million inhabitants
Busan (Pusan): 4.5 million inhabitants
Incheon (Inch'on): 2.8 million inhabitants and
Daegu (Taegu): 2.3 million inhabitants

South Korea is one of the most technologically advanced countries and the educational standards are high. Below you see a photo of Incheon, which is the third populous city in South Korea. The city's international airport is the largest in South Korea and one of the busiest transport hubs in Asia.

Incheon Central Park

South Korea experiences a temperate climate with cold winters and mild summers with often heavy rainfalls.

South Korea for Kids
Attractions

Seoul is the country's capital and largest city. It is situated by the Han River. A quarter of South Korea's population live in Seoul and the surrounding area. Myeong-dong, the main shopping district of the capital city, is a busy shopper's paradise with glittering lights and billboards.

Gyeongbokgung Palace

Bukchon Hanok Village, on the other hand, is the preserved old quarter and traditional Korean village you simply must see. Here you will also find Gyeongbokgung Palace.

Jeju island, or Jeju-do in Korean, is the country's largest island and one of the most popular Korean holiday destinations. With a mild climate and numerous possibilities to go hiking in the mountains, many come to visit the island, marvel at the rock cliffs and see the famous landmarks Halla-san or Sunrise Peak. Or one can enjoy lazing at the fabulous beaches, as there are lots of activities for the whole family.

Busan beach

Busan is a large port city in the southern part of the country. In South Korea's second biggest city, you can do your shopping and temple tours but also relax at some stunning beaches.

And there you will be close to fascinating mountains too! The national park surrounding Koreas second highest mountain Jiri-san is only about three hours from the city of Busan.

Another great place to marvel at nature is Seorak-san National Park for its breathtaking mountains with its snowcaps. There is also the huge Great Unification Buddha statue which weighs over 108 tons and is 14.6 metres /48 ft high.

Great Unification Buddha

Pyeongchang is a winter resort in the north eastern region of South Korea. The city was one of the sites for the Winter Olympics 2018.

The city is a popular winter holiday resort and has all kinds of sports activities to offer and accommodation options are varied and plentiful. Did you know that the Olympic mascot, a white Siberian tiger, was called Soohorang?

People who visit Seoul can travel to Pyeongchang via the Korean bullet train.

South Korea Facts | Korean People

Most Koreans (81%) live in urban areas of the country. The lowlands around the capital city Seoul and Incheon are home to the majority the South Koreans.

The people in rural areas are still much poorer and many live a simple life.

Many Koreans practise Confucianism which is an old tradition in many Asian countries. Confucianists follow the teachings of Chinese teacher and philosopher Confucius who told his pupils to lead a simple life, do good and respect each other.

Confucius statue - image by Chaiyapak Mankannan

Koreans celebrate the new year twice! The New Year celebration are on 1 January as most countries do and for Lunar New Year which is celebrated in February each year. 2020 is the year of the rat, 2021 will be celebrated as the year of the ox.

Children look very much forward to the Lunar New Year celebrations which are three days long. Over the new year children get gifts, often money wrapped in red envelopes or red packets, from family and friends. People in Korea will wear their traditional costumes, such as the hanbok, for national and regional cultural festivals.

Korean pop music, also called k-pop, has become famous worldwide especially after PSY's 'Gangnam Style' YouTube hit in 2013. Gangnam refers to the city of Seoul.

Psy and his gangnam style

South Korea Facts | Korean Language

Although Korean (also called Hangul) is the official language, in many regions people speak Korean dialects. Children learn Korean and English in school and most people speak English fairly well. Some schools offer Mandarin classes as well.

The Korean alphabet has 24 letters and the language does not have any articles and does not follow a word order. The language is similar to Mandarin and Japanese in that that it is written and read from top to bottom and from left to right.

Korean is the language of both countries: South Korea and North Korea. Apart from using a slightly different accent and some dialects, the Koreans can understand and communicate with each other.

South Korea Facts | Economy

South Korea is one of the biggest economies in Asia and among the four 'Asian Tiger Countries' which also includes Singapore, Taiwan, Hong Kong.

The main trading partners are China, USA, Japan, Germany and Vietnam. Big Korean companies are Samsung, Hyundai, LG Electronics and Lotte Group.

The Lotte World Tower in Seoul is the highest building in the country and the fifth highest in the world.

Seoul skyline and Lotte World Tower

Coal, graphite and lead are among the main natural resources of South Korea.

South Korean Facts | Korean Food

Many Korean dishes are rice, vegetable, soya and meat based.

Sesame seeds, chillis, kimchi and rice products are the most common ingredients in Korean dishes. Koreans mainly eat with spoons and metal chopsticks. The spoon is used for rice, stews and soups only. Here is some typical Korean dishes:

Kimchi: traditional dish made with fermented vegetables such as cabbage or leafy greens and chillis
Dak Galbi: spicy chicken stir-fry with sweet potatoes, rice cakes and vegetables
Bulgogi: grilled meat and vegetable dish
Jajangmyeong: very popular street food consisting of noodles, vegetables, fried pork or seafood in a thick black bean sauce.
Bibimbap: mixed rice with four to six different vegetables and often served with an egg that might be fried and sunny side up or raw as is shown below.

Bibimbap

South Korea Facts |
Korean Animals