# South Korea, the next developed country



## kyenan (Mar 22, 2003)

http://english.yonhapnews.co.kr/business/2013/01/03/25/0503000000AEN20130103002500320F.HTML




> 2013/01/03 10:39 KST
> 
> *S. Korea's higher per-capita GDP hinges on growth, currency: analysts *
> 
> ...


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## kyenan (Mar 22, 2003)

Sounds like the day when S. Korea becomes a developed nation is coming, since GDP per capita of 30000 USD is what almost all of the developed countries have achieved.


But I think there are things that S. Korea have to accomplish in order to be a developed country. 

1. Spend more money on social welfare, smartly

In the 2013 fiscal year, S. Korea will spend about 1000 bil USD for social welfare, which is big but not enough. 

Currently, the country is short of public schoos, public kindergartens, and public day care centers. The country is also short of carers, social workers, workers for day car centers, kindergarten teachers, house helpers, ob/gyn doctors, youth counselors, and many other professionals for making people live better. Also, the country's public health care system covers only about 50~60% of the entire medical cost every year, which is about 80~90% in most of the developed countries. 


2. Needs more social enterprises and cooperative societies


3. More of the successful small and mid-size businesses


4. Fairer rules and law enforcement for market economy

In South Korea, rules and regulations related to business and economy are far advantageous for big companies like Samsung, Hyundai, LG, Posco, SK, etc. and their executions are often in favor of the big guys. For a fair market economy and for the smaller businesses to grow strong, things have to be changed. Rules and regulations have to be executed equally and big guys exploiting workers and smaller companies have to be punished. We call that economic democratization, one of the biggest issues in South Korea now. 


5. More investment in fundamental researches

Studies like philosophy, sociology, economics, psychology, mathematics, and anthropology are not things that S. Koreans are good at. S. Korea has lots of researchers for biomedical sciences, engineering, and computer sciences which are closely related to make money. But in order for a society to be rich in culture and thoughts, researches in more fundamental fields have to be performed. 


6. Reconstructure and refine high-level education

South Korea now has few world-class universities. Only the schools like KAIST, GIST, Postech, and Seoul National University are known worldwide. And most of them are famous for science and technology. S. Korea needs schools and researchers famous for the fields ranging from philosophy to aerospace engineering. S. Korean colleges need to focus more on teaching basic skills and knowledges like writing, literature, statistics, speech/presentation, and logics to make their students more adaptable to various different jobs and studies. 



By the time when many of these are achieved, S. Korea will have become developed, like an ordinary Western European country


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## Sarcasticity (May 21, 2005)

But S Korea is already a developed nation


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## kyenan (Mar 22, 2003)

Sarcasticity said:


> But S Korea is already a developed nation


hno: But the most of the S. Koreans don't think so. Too low level of gdp per capita, poor social welfare and health care system, poor high-level educationa and research. Standard of living in S. Korea is horrible compared to many Europeans countries, Canada, Australia, etc. And the country is less innovative than USA, Germany, and etc. S. Korea is far from being 'developed' yet.


That S. Korea is developed is only from one's imagination. In reality, that's not true. Samsung Galaxy Note 2 and Hyundai Genesis don't make the country 'developed'.


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## object704 (Jan 3, 2013)

GDP doesn't measure personal incomes, let alone expenditures. Actually, this stat is very bogus. I'll demonstrate it on Russia:

http://en.wikipedia.org/wiki/Economy_of_Russia

GDP per capita 

$13,236 (2011) (nominal; 51st)[1]
$16,687 (2011) (PPP; 52nd)[1]

But lets use much more extensive PPP:

http://stats.oecd.org/Index.aspx?DatasetCode=SNA_TABLE4

15.568340

This makes GDP per capita (PPP) > $25,000.

There's more:

http://en.wikipedia.org/wiki/Informal_sector

Almost 50%.

So, the real number is about $50,000. $13k, $16k, $50k - all three are real GDP stats. 

$50k is more meaningful, of course, but how much of it is actually consumed by people? Thats a challenging question.

Plus, median income is much more important than average - especially in a country with huge inequality.


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## castermaild55 (Sep 8, 2005)

> Analysts said that South Korea needs to reduce its reliance on exports for growth down the road by boosting domestic demand.
> 
> "Currency is a factor in raising the value of the per-capita GDP, but what's more important is to post sustained economic growth," said Kim Yoon-gee, a senior economist at the Daishin Economic Research Institute.
> 
> ...


reliance on exports /GDP in South Korea nearly 50%
in case of Japan, it is 10%
double-edged sword?
developed..getting strong won?
it is so scared.


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## boringpasta (May 29, 2012)

kyenan said:


> hno: But the most of the S. Koreans don't think so. Too low level of gdp per capita, poor social welfare and health care system, poor high-level educationa and research. Standard of living in S. Korea is horrible compared to many Europeans countries, Canada, Australia, etc. And the country is less innovative than USA, Germany, and etc. S. Korea is far from being 'developed' yet.
> 
> 
> That S. Korea is developed is only from one's imagination. In reality, that's not true. Samsung Galaxy Note 2 and Hyundai Genesis don't make the country 'developed'.


Most South Koreans know they live in a developed country. I have no idea where you're getting that stat from. Social welfare does not make a country developed, although Korea could use a little more. The health care system is very good. Poor high level education and research? It's not as good as the US's but that's not saying a lot. The standard of living is horrible? Really? What factors are you thinking of when you say that? Less innovative than the most innovative country in the world and another innovation powerhouse? Oh no Korea sounds like such an awful place! 

Since developed can be such a subjective word I'm using the UN's HDI as my basis for saying that Korea is certainly a developed country.

http://en.wikipedia.org/wiki/Human_Development_Index#2011_report

Why is Yonhap even reporting things like this it's so asinine. Just another display of some Korean's inferiority complex regarding their nation.


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## ssiguy2 (Feb 19, 2005)

I already think of Korea as being an economically developed country, it's the people and their mentalities that are backwards.


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## onosqaciw (Feb 13, 2011)

south korea are already developed......the same can be said to taiwan too


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## isakres (May 13, 2009)

Indeed South Korea is already developed. I guess most of the world recognize such achievement, didnt we?


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## object704 (Jan 3, 2013)

isakres said:


> Indeed South Korea is already developed. I guess most of the world recognize such achievement, didnt we?


It's not about the world, but economists and organizations. CIA doesn't consider it developed. And I don't really care why.

The term means whatever people want it to mean.

I prefer a good old 1st-4th world. 3rd world = some very serious problems. 2nd world is reserved for USSR. 4th world = close to stone age.


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## the spliff fairy (Oct 21, 2002)

I think it's heading there. It may be the richest major country (over 20 million) by then.


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## Denjiro (Jun 18, 2012)

^^ Even richer than the USA. :O


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## Ulpia-Serdica (Oct 24, 2011)

the spliff fairy said:


> I think it's heading there. It may be the richest major country (over 20 million) by then.


4 decades long forecasts ftw! :lol:


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## earthJoker (Dec 15, 2004)

the spliff fairy said:


> I think it's heading there. It may be the richest major country (over 20 million) by then.
> 
> http://2.bp.blogspot.com/-YZV0pEzxu...+-+GEC+Business+Review+(GE+Consult+Group).jpg


Not going to happen.


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## haikiller11 (Aug 11, 2009)

Almost developed but both Republic of Korea and China have been experiencing years of very low birth rate, even lower than Japan.


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## eddeux (Jun 16, 2010)

As already said Korea is already developed! 

HDI Ranking: 15 (0.897)
Life expectancy: 79.3 years average
Urban population: 83%
Per capita income (PPP): $31,200
^^
How is Korea not developed going by those stats? :?


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## eddeux (Jun 16, 2010)

earthJoker said:


> Not going to happen.





Ulpia-Serdica said:


> 4 decades long forecasts ftw! :lol:


You never know. If Korea at least starts to further economically cooperate with the north (NK providing labor for Korean companies & natural resources the south needs, South providing FDI) then it could boost GDP growth. There is a lot of economic potential for both Korean nations. 

Not to mention I think Korea being in Asia, the hottest place economically at the moment and for awhile into the future, gives it the potential to further increase its exports. So with all of this combined with its aging population wealth per person will be much easier to generate.


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## earthJoker (Dec 15, 2004)

èđđeůx;98847748 said:


> You never know. If Korea at least starts to further economically cooperate with the north (NK providing labor for Korean companies & natural resources the south needs, South providing FDI) then it could boost GDP growth. There is a lot of economic potential for both Korean nations.
> 
> Not to mention I think Korea being in Asia, the hottest place economically at the moment and for awhile into the future, gives it the potential to further increase its exports. So with all of this combined with its aging population wealth per person will be much easier to generate.


I mean the whole list is useless. I don't doubt that Korea has potential. That wasn't my point. My point is, that this list (the right column) is absolutely unlikely to happen in this way.


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## the spliff fairy (Oct 21, 2002)

There are a couple of things going for S. Korea - its the world's most technologically advanced nation, and one of the biggest producers of hi-tech products, It also commands over 50% of the worlds shipbuilding trade and -despite the coming demographic crisis will be the 4th lowest spender on age related issues by 2050, among developed nations. In the future it will continue to dominate shipbuilding but soon hi-tech and pop culture, as seen by the current Korean Wave. The country will also reap the benefits from both China and Japan in tourism in the years to come, what will be the worlds largest industry by then.

Currently - 15th largest economy, 12th by ppp

World’s 8th largest exporter: Ahead of the UK, Russia and Canada.

World’s Trading Partner: 3rd largest trader with China and Japan, 7th with the US and 8th with the EU.

World’s largest shipbuilder: including world’s largest shipyard run by Hyundai Heavy Industries.

World’s 5th largest automobile manufacturer: including world’s largest automobile assembly plant (Hyundai Motors).

East Asia’s largest oil exporter.

World’s highest internet connectivity or access with one of the fastest networks as well.



World’s largest manufacturer of screen displays (LCD, CRT, Plasma, etc).

World’s fastest increase in patents registered.

World's largest electronics manufacturing firm: Samsung Electronics.

World’s second largest steel maker: POSCO

World’s largest producer of computer memory chips.


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## FNNG (Jul 25, 2011)

citypia said:


> I think Kyenan is just voicing his opinion which points out something to improve in oder to be a real developed nation.
> I think he/she is quite realistic,down-to-earth from his own personal viewpoint.
> I don't think he doesn't have good understanding on korean economy.
> It's not personal complaints without appreciating his/her nation.
> In my opinion, without open constructive critical thinking, there is no improvements for the future.


I know Kyenan know Korea very well, its just that he should not put a statement stating that Korea is not developed country and keep telling us what happen in Korea like overpaid education, expensive in raising a baby, house price increase. 

These kind of thing happens anywhere in the world including developed country. These kind of complain should keep in ur local forum instead of international forum. If not i think the international forum will be flooded with tons of criticism of their country and then someone might make a topic that say local authority didn't clean the street and the street looks dirty not like a developed country. :nuts: 



citypia said:


> It's not personal complaints without appreciating his/her nation.


I do agree with you, if you dont care about ur country, why do u even complain about it? It's just that as i mentioned earlier kept it in local forum.

I do agree with you, without open constructive critical thinking, there is no improvements for the future. No country got 0 criticism from their citizen. Even singaporean also keep complain about their government even sometimes their government is somewhat so called "the best government in the world" (don't attack me, i saw it somewhere in the news be4)


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## citypia (Jan 9, 2005)

FNNG said:


> I know Kyenan know Korea very well, its just that he should not put a statement stating that Korea is not developed country and keep telling us what happen in Korea like overpaid education, expensive in raising a baby, house price increase.
> 
> These kind of thing happens anywhere in the world including developed country. These kind of complain should keep in ur local forum instead of international forum. If not i think the international forum will be flooded with tons of criticism of their country and then someone might make a topic that say local authority didn't clean the street and the street looks dirty not like a developed country. :nuts:
> 
> ...


I couldn't agree with you more.
I hope this thread is closed. :lock::lock:
I will not be wasting my time here any more. I regret participating this thread. 
Good-bye.


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## bayviews (Mar 3, 2006)

Sarcasticity said:


> But S Korea is already a developed nation


Indeed, SKorea's been a developed nation for at least a decade if not more. 

Where S Korea seems to still be lacking is the quality of life, which isn't up to the levels of Japan or Western Europe.


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## VECTROTALENZIS (Jul 10, 2010)

bayviews said:


> Where S Korea seems to still be lacking is the quality of life, which isn't up to the levels of Japan or Western Europe.


Have you been to South Korea?
I have and I have also been to Japan and all western Europe countries and I can say that the quality of life in South Korea is comparable to western Europe, while Japan felt 5 years ahead of western Europe.


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## Caleb15 (May 8, 2012)

This is a little off topic, but why does Seoul's mayor hate development and kill almost every development plan there is?


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## kyenan (Mar 22, 2003)

Caleb15 said:


> This is a little off topic, but why does Seoul's mayor hate development and kill almost every development plan there is?


That's truely off topic. So make your own thread somewhere else.


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## bayviews (Mar 3, 2006)

VECTROTALENZIS said:


> Have you been to South Korea?
> I have and I have also been to Japan and all western Europe countries and I can say that the quality of life in South Korea is comparable to western Europe, while Japan felt 5 years ahead of western Europe.


Japan, which yes I've visited, does have a very high quality of life. 

However ask most S Koreans & they'll you they'd prefer a higher quality of life. 

We're not talking about more tech gadgets, which are in abundance in S Korea, just a nicer, quieter, & maybe a bit slower way of life.


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## luife100 (Apr 12, 2006)

I just see a tv program about the development of South Korea, and how they have been improving their lifestyle. The improvement has been reflected on an increase of visitors, due to the new policy of the city, such as new green areas, open spaces, etc. 

And I got a very good impression about a SK and his progress, altough I have to accept that the program could be a little bit biased.


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## Treka (Jan 26, 2013)

Isn't South Korea already a developed country??


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## Spocket (Feb 11, 2006)

This is ridiculous. South Korea already is a developed country.

If we want to jumble the definition of "developed" around enough I'm sure we can make virtually any country either developed or developing. For example , everybody knows about the ghettos in the U.S. and the unpopulated Outback of Australia.

Or , you could take a trip to Shanghai and take note of the fact that it's got virtually every futuristic service you can imagine a city can have.

South Korea may not be perfect but no country is. It's definitely not third-world and it's a real stretch to call it a developing nation too.


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## the spliff fairy (Oct 21, 2002)

^^what he said


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