Реферат: Korea in focus
Since Korea launched its First Five-Year Economic Development Plan
in 1962, the country’s real GNP has expanded by an average of more than 8
percent per year. As a result, Korea’s GNP has grown from US$2.3 billion in
1962 to US$328.7 billion in 1993; per capita GNP has increased from a meager
US$82 in 1962 to US$7,466 in 1993 at current price levels.
The industrial structure of the Korean economy has also been
completely transformed. The agricultural sector’s share of GNP declined from
37.0 percent in 1962 to 7.1 percent in 1993. The manufacturing sector’s share
has increased from 14.4 percent to 27.1 percent in the same period. The service
sector accounted for only 24.1 percent of GNP in 1962 but grew to 40.0 percent
in 1993.
Korea’s merchandise trade volume increased from US$500 million in
1962 to US$166 billion in 1993. The nation continuously posted trade deficits
until 1985 when its foreign debt reached US$46.8 billion, the fourth largest in
the world. From 1986 to 1989, Korea recorded current account surpluses and its
debt declined.
Trends of Major Economic Indicators
|
Unit |
‘62 |
‘70 |
‘80 |
‘85 |
‘90 |
‘92 |
‘93 |
GNP |
US$ bil. |
2.3 |
8.1 |
60.5 |
91.1 |
251.8 |
305.7 |
328.7 |
Per Capita GNP |
US$ |
8.2 |
242 |
2,194 |
2,242 |
5,883 |
7,007 |
7,466 |
GNP Growth Rate |
% |
2.2 |
7.6 |
7.0 |
7.0 |
9.6 |
5.0 |
5.6 |
Domestic Savings |
% |
3.3 |
17.9 |
29.1 |
29.8 |
35.9 |
34.9 |
34.9 |
Ratio |
|
|
|
|
|
|
|
|
Trade Volume |
US$ bil. |
0.5 |
2.8 |
39.8 |
61.4 |
134.9 |
158.4 |
166.0 |
Producer Price |
% |
9.4 |
9.2 |
38.9 |
0.9 |
4.2 |
2.2 |
1.5 |
Consumer Price |
% |
8.3 |
15.9 |
28.8 |
2.4 |
8.6 |
6.2 |
4.8 |
Inflation in Korea was one of the major economic problems in the
70s and early 80s, during which consumer prices rose at annual rates of 10-20
percent. Since 1982, Korea has managed to keep inflation down to a single
digit. The ratio of domestic savings to GNP grew from 3.3 percent in 1962 to
34.9 percent in 1993.
Recent Challenges
Beginning in 1989, the Korean economy began experiencing slower
growth, high inflation and a deterioration in the balance of payments. The GNP
growth rate fell to 6.7 percent in 1989 from the 12 percent level of previous
years. A slump in the growth of the manufacturing sector, from 18.8 percent in
1987 and 13.4 percent in 1988 to 13.7 percent in 1989, contributed largely to
this decline in GNP growth rate. The export growth rate on a customs clearance
basis, which was 36.2 percent in 1987 and 28.4 percent in 1988, fell to just
2.8 percent in 1989. Reflecting this fall in the export growth rate, the
current account surplus lowered to around US$5.1 billion, a significant drop
from the 1988 surplus of US$14.2 billion.
In 1991, the economic growth rate showed signs of recovery. The
GNP grew during the year 9.1 percent. However, most of this growth was
attributed to an increase in domestic demand, particularly domestic
consumption. Exports increased 10.3 percent compared to 1990, while the growth
rate of imports increased 17.7 percent. The trade balance deteriorate rapidly
to a US$7.0 billion deficit in 1991 from the US$4.6 billion surplus in 1989. In
addition, price stability, which had served to boost Korea’s competitiveness,
weakened. Consumer prices, which had risen on an annual average of 2-3 percent
between 1984 and 1987, rose 9.3 percent in 1991.
Recent Economic Trends
|
|
‘91 |
‘92 |
‘93 |
‘94. 1 ~ 6 |
GNP |
|
|
|
|
|
GNP |
Growth Rate in % |
9.1 |
5.0 |
5.6 |
8.5 |
Manufacturing Sector |
Growth Rate in % |
9.1 |
5.1 |
5.0 |
10.0 |
Private Consumption |
Growth Rate in % |
9.5 |
6.6 |
5.7 |
7.2 |
Investment |
Growth Rate in % |
12.6 |
0.8 |
3.6 |
10.3 |
Equipment |
Growth Rate in % |
12.1 |
1.1 |
0.2 |
17.7 |
Prices |
|
|
|
|
|
Producer Price |
% |
4.7 |
2.2 |
1.5 |
2.2 |
Consumer Price |
% |
9.3 |
6.2 |
4.8 |
6.2 |
Balance of Payments |
|
7.0 |
2.2 |
1.9 |
1.6 |
Export |
US$ bil. |
69.6 |
75.1 |
81.0 |
43.1 |
Imports |
US$ bil. |
76.6 |
77.3 |
79.1 |
44.7 |
Current Account |
|
|
|
|
|
Balance |
US$ bil. |
8.7 |
4.5 |
0.4 |
2.7 |
In 1992, the Korean economy rapidly cooled off, with the GNP
growth rate dipping to 5.0 percent, influenced chiefly by blunted investment in
capital goods. The consumer price index rose just 6.2 percent, and the deficit
in the balance of payments also dropped to US$4.5 billion.
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