Korean Economy- An Insight

Today, South Korea is one of the most densely populated region in the world. It held the 24th position in terms of human population in 2004. Almost 48.233 million people were residing in Korea in the period of 2004. When a data was released by the World bank indicators for the time period of 1997-2003, the growth rate was recorded at 0.7 percent. This growth rate was more than the overall world's average of one percent.

Korea is a very crowded country. A data revealed that almost 490 people were living per sq km, and 80 percent of this population resides in the urban areas. The world bank figure states that the life expectancy at the time of birth was 74 years in the period between 1997-2003. This figure is somewhat less than the other OECD high income nations.

Also, the gross primary enrolment which also shows the percentage of school age population stands at 100. It is almost the same for both the sexes i.e. male and female. 92 percent of the total population of Korea are able to get safe drinking water. The literacy rate for adults stands at 98 percent. The human development index of this country is quite good and efficient. Korea holds 28th position amongst the 177 countries of the world in terms of human development index.

The key indicators of South Korean Economy

In the recent times, a slowdown has been experienced in the GDP growth. The Korean economy has enjoyed a success rate till the end of 1990s. The per capita GDP has not expanded strongly so that the income gap can be narrowed vis-a-vis the United States.

G20

South Korea is also an important part of the G-20, group of twenty.