Korea as a Middle Industrial Power
Chapter 1
INTRODUCTION
This is an excerpt from the paper...
During the decade of the 1980s, the Republic of Korea (South Korea, which hereinafter is referred to as simply Korea) emerged as a middle industrial power. In the structure employed by The World Bank (1989), Korea is grouped in the upper middle income sub classification of the middle income economies classification, along with such countries as Argen tina, Brazil, Greece, Hong Kong, Mexico, Singapore, South Africa, and 16 others (the Republic of China [Taiwan] would be included in this sub classification, were it not excluded for political reasons).Real per capita gross national product (GNP) in Korea grew at an average annual rate of 9.8 percent during the 1980s (International Monetary Fund, 1990). Although this rate of growth was higher than that recorded in the 1970s, it is of even greater significance because it proceeded from a much higher base point. Rapid growth in exports was a salient feature of the Korean economy in both the 1960s and the 1970s, and this trend continued in the 1980s. The average annual rate of growth of Korean exports in the 1980s was 17.2 percent (International Monetary Fund, 1990). While this growth rate was approximately two thirds of the level attained in the 1970s, and about one half of that attained in the 1960s, the export volume upon which growth rates were based were enormously higher in the 1980s than they were in the two earlier decades. As
. . .
35.7
Israel 23.9
KOREA (South) 47.9
Mexico 97.5
Nigeria 23.3
Philippines 26.3
Poland 26.0
Turkey 26.0
Venezuela 32.1
(Sources: International Monetary Fund, 1990;
The World Bank, 1989)
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The data presented in Table 2 reveal that eight of the 14 countries have external debt which is greater than 50 percentof GNP, and that one country Israel has an external debt inexcess of 100 percent of GNP (Chile has an external debt equalto 99.5 percent of GNP). Brazil's external debt is equal to 17
46.4 percent of GNP. Korea's external debt is the equivalent of 52.9 percent of the country's GNP.
Table 2
External Debt as a Percent of Selecte
. . .
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Approximate Word count = 8978
Approximate Pages = 36 (250 words per page)
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Chapter 1
INTRODUCTION
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