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Economy of South Korea

South Korea is considered to be a developed nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developed nation, South Korea is able to provide its citizens with social services like public education, healthcare, and law enforcement. Citizens of developed nations enjoy a high standard of living and longer life expectancies than citizens of developing nations. Each year, South Korea exports around $557.3 billion and imports roughly $516.6 billion. 3.8% of population in the country are unemployed. The total number of unemployed people in South Korea is 1,944,249. In South Korea, 12.5% of the population lives below the poverty line. The percentage of citizens living below the poverty line in South Korea is low, indicating that it has a stable economy. Investors should consider South Korea to be a safe location for investments and other financial ventures. Government expenditure on education is 5% of GDP. The Gini Index of the country is 30.2. South Korea is experiencing good equality. The majority of citizens in South Korea fall within a narrow range of income, although some cases may show significant differences. South Korea has a Human Development Index (HDI) of 0.891. South Korea has a very high HDI score. This indicates that nearly all citizens are able to attain a desirable life because of social and economic support; citizens with a low standard of living receive aid and support and have the opportunity to advance in society. The Global Peace Index (GPI) for South Korea is 1.701. Due to strong law enforcement presence and high social responsibility, South Korea is very safe by international standards. The strength of legal rights index for South Korea is 5. Overall, it is considered to be rather inadequate - bancrupcy and collateral laws are able to protect the rights of borrowers and lenders to some degree; credit information may be sufficient, but hardly available, or, the oppoiste case, available but not sufficient.

Currency

The currency of South Korea is South Korean won. The plural form of the word South Korean won is won. The symbol used for this currency is ₩, and it is abbreviated as KRW. The South Korean won is divided into Jeon; there are 100 in one won.

Credit rating

The depth of credit information index for South Korea is 8, which means that information is mostly sufficient and quite detailed; accessibility is not a problem. According to the S&P credit-rating agency, South Korea has a credit rating score of AA-, and the prospects of this rating are stable. According to the Fitch credit-rating agency, South Korea has a credit rating score of AA-, and the prospects of this rating are stable. According to the Moody's credit-rating agency, South Korea has a credit rating score of Aa3, and the prospects of this rating are positive.

Central bank

In South Korea, the institution that manages the state's currency, money supply, and interest rates is called Bank of Korea. Locally, the central bank of South Korea is called 한국은행. The average deposit interest rate offered by local banks in South Korea is 2.5%.

Public debt

South Korea has a government debt of 17.36% of the country's Gross Domestic Product (GDP), as assessed in 2014.

Tax information

The corporate tax in South Korea is set at 24.2%. Personal income tax ranges from 6% to 38%, depending on your specific situation and income level. VAT in South Korea is 10%.

Finances

The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in South Korea is $1783950 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in South Korea was last recorded at $35 million. PPP in South Korea is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in South Korea is 1,304,554 billion. Based on this statistic, South Korea is considered to have a large economy. Countries with large economies support a wide variety of industries and businesses, providing ample opportunities for investment. Large economies support a substantial financial sector, making it easy to organize investments and financial transactions. It should be very easy to find good opportunities for investment in South Korea. The Gross Domestic Product (GDP) per capita in South Korea was last recorded at $25 million. The average citizen in South Korea has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in South Korea averaged 3.5% in 2014. According to this percentage, South Korea is currently experiencing modest growth. Countries that are experiencing modest growth offer safe opportunities for investment; their expanding economy indicates that businesses, jobs, and income will expand accordingly. To read more about financial information click on finances of South Korea.

Industry

Major industries in the country are electronics, telecommunications, automobile production, chemicals, shipbuilding, steel. The total labor force of South Korea is 27,875,990 people, wherein 3.8% of population in the country are unemployed. The total number of unemployed people in South Korea is 1,944,249. The Industrial Production growth rate of South Korea is 12.1%.To read more about industrial information within South Korea click on industry of South Korea.

Agriculture

There are 16280 km2 of arable land in South Korea, and it comprises 16% of the country's total territory. There are 18254 km2 of cultivated land in South Korea. The country's major agricultural crops and products are rice, root crops, barley, vegetables, fruit, cattle, pigs, chickens, milk, eggs, fish.To read more about agriculture click on agriculture of South Korea.