South Korea Economy

Over VIew South Korea was the one of the poorest country in the world in 1953 and GNP per person was $67. However, South Korea started to develop rapidly since 1960 and reached 10 million dollars of national income in twenty years. Now Korea is one of the G20 members with GDP of $ 1.116 trillion ( 2010 ) .
Country studies Korea’s economy was based on agriculture in early days. However, contribution of agriculture decreased as Korea industrialize . Agriculture and domestication of Korea is made of small farms. Also the range of crops are narrow, 90 percent of agriculture is based on rice and other crops and plants are decreasing slowly but steadily. Korea depends on imports of dairy,meat and grains (figure one). For the examples of primary sector, there is no significantly big farm or business in primary sector. Rice farms are concentrated in Kimpo, fishing on west and east coast and other vegetables in Pyungchang. Primary is mostly private sector but sometimes farmers borrow land from government. Secondary sector is the biggest sector in Korea. Major secondary sector industry includes Steel, Electronics,Shipbuilding,Automobiles and Automotive Parts,Textiles and Footwear and Construction. Secondary sector is majorly private sector. For the examples of secondary sector there are Hyundai; cars and constructions, Samsung cars; construction, automobile, semiconductor, LG; automobile, electronics. There are also many small-semi companies who produce semiconductors,electrons and construction. Tertiary sector includes insurance, restaurants, hotels, laundries, public bath houses, health-related services, broadband, and entertainment establishments. Most of the insurance, restaurants,hotels are private sectors. Businesses such as transportation are public sector. Few of the housing and health -related services include public sectors. There are examples of tertiary sector such as samsung insurance, hyundai insurance,Donga insurance, KT telecom, Olleh broadband