According to Citibank and IMF, South Korea will become the world’s wealthiest major economy by 2014 and its credit rating will be rated AAA sooner than 2050. Following the Korean War in the 1950s, government-sponsored schemes encouraged the growth of conglomerates, known as “chaebol”. Hyundai Group was, until 1997, South Korea’s second biggest chaebol. The company spun off many of its better known businesses after the 1997 Asian financial crisis. Hyundai focuses on elevators, container services and tourism. LG makes electronics, chemicals and telecom products, and operates in 80 countries. This year, Counterpoint Research found LG has overtaken Apple to become second largest smartphone manufacturer in the US.
THE REPUBLIC OF KOREA CAPITAL: SEOUL
AREA: 99,313 sq km (38,345 sq miles)
Population: 46,600,000
MAJOR LANGUAGE: KOREAN
LIFE EXPECTANCY: MAJOR RELIGIONS:
77 YEARS Buddhism
84 YEARS Christianity
nearly half of adults profess no religion
MONETARY UNIT: WON
GNI PER CAPITA:
US $20,870 (2011)
MAIN EXPORTS: Electronic products
2020
2030
2040
2050
machinery transporT equipment
SURPASS CURRENT G7 Estimating GDP to surpass $6 trillion by 2050. If it occurred, Korean reunification would immediately raise the country's population to over 70 million. Samsung's revenue was equal to 17% of the South Korea's $1082 billion GDP
Samsung is the largest South Korean chaebol. Notable Samsung subsidiaries include Samsung Electronics (the world’s largest information technology company measured by 2012 revenue). Samsung produces a fifth of South Korea’s exports and revenue was equal to 17% of the country’s $1082 billion GDP. In 2013, Samsung began building on the world’s largest mobile phone factory in Vietnam.
GDP IN USD GDP PER CAPITA GDP GROWTH (2012-2050) TOTAL POPULATION
UNITED KOREA
SOUTH KOREA
NORTH KOREA
$6.056 TRILLION $86,000
$4.073 TRILLION $96,000
$12.5 BILLION $560
4.8% 71 MILLION
3.9% 42 MILLION
INTERNET DOMAIN:
.kr
International dialling code:
+82
A ‘United Korea?’ In September 2009, Goldman Sachs published its 188th Global Economics Paper named A United Korea? which highlighted the economic power of a United Korea, which will surpass all G7 countries except the US by 2050. The skilled labour and natural resources from the North combined with technology, infrastructure and capital in the South, as well as Korea’s strategic location connecting three economic powers, is likely to create an economy larger than the bulk of the G7.
-0.008% 23 MILLION
Hyundai Group was South Korea’s second largest comglomerate until the crisis in 1997