Economic Map Project Data

Economic data for country: South Korea GDP: $1.459 trillion (purchasing power parity). $1.007 trillion (official exchange rate). GDP per capita $30,000 Growth Rate: 6.1% Unemployment Rate: 3.7% Population below poverty line: 15% Exports: $464.3 billion (computers, wireless telecommunications equipment, motor vehicles, steel, ships, semiconductors, petrochemicals) Imports: $422.4 billion (machinery, electronics and electronic equipment, oil, steel, transport equipment, organic chemicals, plastics) National Debt: $398 billion South Korea’s economic status grew tremendously since the 1960s. Prior to its economic boom, South Korea was in a similar economic status as other poor countries around the globe. South Korea owes its success due to their technological investments. Besides their technological advances, South Korea has economic success because it opens its doors to foreign investors and imports. Compared to its neighbor, North Korea, South Korea is doing extremely well. Due to North Korea’s strict government practices, its economy is limited. However, its economy is sustainable due to China’s investments. South Korea’s major exports include wireless telecommunications equipment, steel, and petrochemicals. South Korea’s major imports include organic chemicals, plastics, and machinery. South Korea has a budget surplus of 1.3% of the GDP. South Korea’s economic status improved drastically, but there are still some challenges such as a limited labor market and its dependence on manufacturing exports.

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