Relationship In South Korea

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South Korea’s relationship with the US was forged when it received primary support and sustenance from the US before and after the Korean War. Although the 1990’s saw the slow rise of anti-American sentiment, especially towards members of the US military, a good number of South Koreans maintain a friendly stance with the US.
It’s relationship with China, on the other hand, dates back to historic times especially during the battles with Japan. Gradually losing spark when China adopted the communist government, formal diplomatic relations were forged in 1992, expanding steadily since then, when the two countries lifted the trade embargo in the hope of improving economies. Today, China has become its biggest trading partner and export market.
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The country is highly regarded in that the World Bank has classified it a “high-income economy”, the International Monetary Fund (IMF) as an “advanced economy”, and the Central Intelligence Agency (CIA) regards it as a “developed market”. This economic upsurge was greatly attributed to “manufacturing oriented exports and a highly educated workforce”. This is evident in the country’s high ranking in the Human Development Index (HDI) particularly on the Education Index where it occupies the top rank in Asia and 7th worldwide. In the Global Innovation Index, South Korea holds the title being the most innovative country.
South Korea’s strategy also centered in growing the internationally-competitive, family-controlled conglomerates, chaebol, through easy financing and tax incentives. Their dominance catapulted these chaebol such as Hyundai-Kia, Samsung and LG into becoming global
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A major international economic power, South Korea holds the 13th largest economy in the world and the 4th largest in Asia. It now stands as the largest of the Four Asian Tigers. Its rapid economic growth is a result of exports of manufactured goods and major industries also include automobiles, semiconductor, electronics, shipbuilding and steel.
Although its after-crisis recovery steps elicited antipathy among critics, believing that there was no way that the country will be able to get back on its feet again, South Korea regained a foothold and emerged victorious. Today, South Korean economy is exemplified by moderate inflation, low unemployment, and export surplus, and fairly equal distribution of income.
a. Poverty and Employment Trends
Approximately three decades ago, South Korean economy was among the ranks of the poorest countries in Africa and Asia. The 1997 crisis brought about massive lay-offs. Today, it has a per capita GDP seven times that of India’s and thirteen times that of North Korea’s. The economic status is characterized by “moderate inflation, low unemployment, export surplus, and fairly equal distribution of income”. Low unemployment that has recently reached a level below 4%, for the first time since December 1997, is also evident as it offers abundant employment opportunities to locals and foreigners

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