South Korea Economy

South Korea is one of the economically developed countries in the world. South Korea economy is the 3rd largest economy in Asia and 10 largest in the world. South Korea is a technologically developed country.
The economy of South Korea is mostly dependent on manufacturing, services, electronics, agriculture, tourists, consumer products, digital displays, semiconductor devices, mobile phones, and shipbuilding industry.

Agriculture And South Korea Economy:
South Korea has only 22% cultivatable land. In 1963, sixty three percent of the South Korean people lived in rural areas, but due to industrial development and urbanization, agricultural workforce reduced to 21 percent in 1989.

In 1987, agricultural sector contributed 12.3% of overall GDP of the country, which reduced to 10.8% in 1988.
Service industries:
South Korea’s major service industries are insurance, hotels, restaurants, health services, entertainment, laundries, public bath houses. During 1980s, the major service industry in South Korea was the retail industry.
The retail industries were controlled by small merchants of South Korea. South Korea has a strong transportation infrastructure.
Tourism industry:
South Korea has an enormous tourism business potentiality. Every year a large number tourists come to visit South Korea and this trend is expected to increase in future. Japanese tourists accounted almost half of the overall tourists in South Korea. Tourism industry plays a major role behind the development of South Korean economy.

The industrial development energized South Korean economy to grow in a random manner. In 1990, the government of South Korea designed some plans to modernize the manufacturing industry.

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Last Updated on : 25th June 2013

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