Compare Korea, South (2008) - Korea, South (2007)

Compare Korea, South (2008) z Korea, South (2007)

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	Korea, South (2008)	Korea, South (2007)

Background	An independent Korean state or collection of states has existed almost continuously for several millennia. Between its initial unification in the 7th century - from three predecessor Korean states - until the 20th century, Korea existed as a single independent country. In 1905, following the Russo-Japanese War, Korea became a protectorate of imperial Japan, and in 1910 it was annexed as a colony. Korea regained its independence following Japan's surrender to the United States in 1945. After World War II, a Republic of Korea (ROK) was set up in the southern half of the Korean Peninsula while a Communist-style government was installed in the north (the DPRK). During the Korean War (1950-53), US troops and UN forces fought alongside soldiers from the ROK to defend South Korea from DPRK attacks supported by China and the Soviet Union. An armistice was signed in 1953, splitting the peninsula along a demilitarized zone at about the 38th parallel. Thereafter, South Korea achieved rapid economic growth with per capita income rising to roughly 14 times the level of North Korea. In 1993, KIM Young-sam became South Korea's first civilian president following 32 years of military rule. South Korea today is a fully functioning modern democracy. In June 2000, a historic first North-South summit took place between the South's President KIM Dae-jung and the North's leader KIM Jong Il. In October 2007, a second North-South summit took place between the South's President ROH Moo-hyun and the North Korean leader.	An independent Korean state or collection of states has existed almost continuously for several millennia. Between its initial unification in the 7th century - from three predecessor Korean states - until the 20th century, Korea existed as a single independent country. In 1905, following the Russo-Japanese War, Korea became a protectorate of imperial Japan, and in 1910 it was annexed as a colony. Korea regained its independence following Japan's surrender to the United States in 1945. After World War II, a Republic of Korea (ROK) was set up in the southern half of the Korean Peninsula while a Communist-style government was installed in the north (the DPRK). During the Korean War (1950-53), US troops and UN forces fought alongside soldiers from the ROK to defend South Korea from DPRK attacks supported by China and the Soviet Union. An armistice was signed in 1953, splitting the peninsula along a demilitarized zone at about the 38th parallel. Thereafter, South Korea achieved rapid economic growth with per capita income rising to roughly 14 times the level of North Korea. In 1993, KIM Young-sam became South Korea's first civilian president following 32 years of military rule. South Korea today is a fully functioning modern democracy. In June 2000, a historic first North-South summit took place between the South's President KIM Dae-jung and the North's leader KIM Jong Il.
Budget	revenues: $269.7 billion expenditures: $256.6 billion (2007 est.)	revenues: $219.5 billion expenditures: $215.7 billion (2006 est.)
Debt - external	$342.7 billion (30 September 2007)	$187.2 billion (2006 est.)
Economic aid - donor	ODA, $455.3 million (2006)	ODA, $744 million (2005)
Economic aid - recipient	$68.07 million (2004)	-
Economy - overview	Since the 1960s, South Korea has achieved an incredible record of growth and integration into the high-tech modern world economy. Four decades ago, GDP per capita was comparable with levels in the poorer countries of Africa and Asia. In 2004, South Korea joined the trillion dollar club of world economies. Today its GDP per capita is roughly the same as that of Greece and Spain. This success was achieved by a system of close government/business ties including directed credit, import restrictions, sponsorship of specific industries, and a strong labor effort. The government promoted the import of raw materials and technology at the expense of consumer goods and encouraged savings and investment over consumption. The Asian financial crisis of 1997-98 exposed longstanding weaknesses in South Korea's development model including high debt/equity ratios, massive foreign borrowing, and an undisciplined financial sector. GDP plunged by 6.9% in 1998, then recovered by 9.5% in 1999 and 8.5% in 2000. Growth fell back to 3.3% in 2001 because of the slowing global economy, falling exports, and the perception that much-needed corporate and financial reforms had stalled. Led by consumer spending and exports, growth in 2002 was an impressive 7%, despite anemic global growth. Between 2003 and 2007, growth moderated to about 4-5% annually. A downturn in consumer spending was offset by rapid export growth. Moderate inflation, low unemployment, and an export surplus in 2007 characterize this solid economy, but inflation and unemployment are increasing in the face of rising oil prices.	Since the 1960s, South Korea has achieved an incredible record of growth and integration into the high-tech modern world economy. Four decades ago, GDP per capita was comparable with levels in the poorer countries of Africa and Asia. In 2004, South Korea joined the trillion dollar club of world economies. Today its GDP per capita is equal to the lesser economies of the EU. This success was achieved by a system of close government/business ties, including directed credit, import restrictions, sponsorship of specific industries, and a strong labor effort. The government promoted the import of raw materials and technology at the expense of consumer goods and encouraged savings and investment over consumption. The Asian financial crisis of 1997-99 exposed longstanding weaknesses in South Korea's development model, including high debt/equity ratios, massive foreign borrowing, and an undisciplined financial sector. GDP plunged by 6.9% in 1998, then recovered by 9.5% in 1999 and 8.5% in 2000. Growth fell back to 3.3% in 2001 because of the slowing global economy, falling exports, and the perception that much-needed corporate and financial reforms had stalled. Led by consumer spending and exports, growth in 2002 was an impressive 7%, despite anemic global growth. Between 2003 and 2006, growth moderated to about 4-5%. A downturn in consumer spending was offset by rapid export growth. Moderate inflation, low unemployment, an export surplus, and fairly equal distribution of income characterize this solid economy.
Electricity - consumption	368.6 billion kWh (2007)	352.5 billion kWh (2005)
Electricity - production	403.2 billion kWh (2007)	366.2 billion kWh (2005)
Exchange rates	South Korean won per US dollar - 929.2 (2007), 954.8 (2006), 1,024.1 (2005), 1,145.3 (2004), 1,191.6 (2003)	South Korean won per US dollar - 955.3 (2006), 1,024.1 (2005), 1,145.3 (2004), 1,191.6 (2003), 1,251.1 (2002)
Executive branch	chief of state: President LEE Myung-bak (since 25 February 2008) head of government: Prime Minister HAN Seung-soo (since 29 February 2008); Deputy Prime Ministers KIM Woo-sik (since 10 February 2006); KWON O-kyu (since 18 July 2006); KIM Shin-il (since 20 September 2006) cabinet: State Council appointed by the president on the prime minister's recommendation elections: president elected by popular vote for a single five-year term; election last held 19 December 2007 (next to be held on in December 2012); prime minister appointed by president with consent of National Assembly; deputy prime ministers appointed by president on prime minister's recommendation election results: ROH Moo-hyun elected president on 19 December 2002; percent of vote - ROH Moo-hyun (MDP) 48.9%; LEE Hoi-chang (GNP) 46.6%; others 4.5%; LEE Myung-bak elected president on 19 December 2007; percent of vote - LEE Myung-bak (GNP) 48.7%; CHUNG Dong-young (UNDP) 26.1%); LEE Hoi-chang (independent) 15.1; others 10.1%	chief of state: President ROH Moo-hyun (since 25 February 2003) head of government: Prime Minister HAN Duck-soo (since 2 April 2007); Deputy Prime Ministers KIM Woo-sik (since 10 February 2006); KWON O-kyu (since 18 July 2006); KIM Shin-il (since 20 September 2006) cabinet: State Council appointed by the president on the prime minister's recommendation elections: president elected by popular vote for a single five-year term; election last held 19 December 2002 (next to be held on 19 December 2007); prime minister appointed by president with consent of National Assembly; deputy prime ministers appointed by president on prime minister's recommendation election results: ROH Moo-hyun elected president; percent of vote - ROH Moo-hyun (MDP) 48.9%; LEE Hoi-chang (GNP) 46.6%; other 4.5%
Exports	NA (2004)	644,100 bbl/day (2004)
Exports - partners	China 22%, US 12.5%, Japan 7.1%, Hong Kong 5% (2007)	China 21.3%, US 13.3%, Japan 8.1%, Hong Kong 5.9% (2006)
GDP - composition by sector	agriculture: 3.2% industry: 39.6% services: 57.2% (2007 est.)	agriculture: 3.2% industry: 39.6% services: 57.2% (2006 est.)
GDP - real growth rate	4.9% (2007 est.)	5% (2006 est.)
Imports	2.41 million bbl/day (2006)	2.83 million bbl/day (2004)
Imports - partners	China 17.7%, Japan 16%, US 10.7%, Saudi Arabia 5.9%, UAE 4.2% (2006)	Japan 16.8%, China 15.7%, US 11%, Saudi Arabia 6.7%, UAE 4.2% (2006)
Industrial production growth rate	7.6% (2007 est.)	8% (2006 est.)
Inflation rate (consumer prices)	2.5% (2007)	2.2% (2006 est.)
International organization participation	ADB, AfDB, APEC, APT, ARF, ASEAN (dialogue partner), Australia Group, BIS, CP, EAS, EBRD, FAO, IADB, IAEA, IBRD, ICAO, ICC, ICCt, ICRM, IDA, IEA, IFAD, IFC, IFRCS, IHO, ILO, IMF, IMO, IMSO, Interpol, IOC, IOM, IPU, ISO, ITSO, ITU, ITUC, LAIA, MIGA, NEA, NSG, OAS (observer), OECD, OPCW, OSCE (partner), PCA, PIF (partner), SAARC (observer), UN, UNCTAD, UNESCO, UNFICYP, UNHCR, UNIDO, UNIFIL, UNMIL, UNMIS, UNMOGIP, UNOMIG, UNWTO, UPU, WCL, WCO, WHO, WIPO, WMO, WTO, ZC	AfDB, APEC, APT, ARF, AsDB, ASEAN (dialogue partner), Australia Group, BIS, CP, EAS, EBRD, FAO, IADB, IAEA, IBRD, ICAO, ICC, ICCt, ICRM, IDA, IEA, IFAD, IFC, IFRCS, IHO, ILO, IMF, IMO, IMSO, Interpol, IOC, IOM, IPU, ISO, ITSO, ITU, ITUC, LAIA, MIGA, NEA, NSG, OAS (observer), OECD, ONUB, OPCW, OSCE (partner), PCA, PIF (partner), SAARC (observer), UN, UNCTAD, UNESCO, UNHCR, UNIDO, UNMIL, UNMIS, UNMOGIP, UNOMIG, UNWTO, UPU, WCL, WCO, WHO, WIPO, WMO, WTO, ZC
Labor force	23.99 million (2007 est.)	23.98 million (2006 est.)
Labor force - by occupation	agriculture: 7.5% industry: 17.3% services: 75.2% (2007)	agriculture: 6.4% industry: 26.4% services: 67.2% (2006 est.)
Legislative branch	unicameral National Assembly or Kukhoe (299 seats; 243 members elected in single-seat constituencies, 56 elected by proportional representation; to serve four-year terms) elections: last held 15 April 2004 (next to be held on 9 April 2008) election results: percent of vote by party - Uri 51%, GNP 41%, DLP 3%, DP 3%, others 2%; seats by party - Uri 141, GNP 127, DP 12, DLP 9, PFP 5, independents 5 note: percent of vote is for 2004 general election; seats by party reflect results of 2005 and 2006 by-elections; MDP became DP in May 2005; United Liberal Democrats (ULD) merged with GNP in February 2006; URI was disbanded in 2007; DP became part of United Democratic Pary (UDP) in 2008; PFP became part of Liberty Forward Party (LFP) in 2008	unicameral National Assembly or Kukhoe (299 seats; 243 members elected in single-seat constituencies, 56 elected by proportional representation; to serve four-year terms) elections: last held 15 April 2004 (next to be held in April 2008) election results: percent of vote by party - Uri 51%, GNP 41%, DLP 3%, DP 3%, others 2%; seats by party - Uri 141, GNP 127, DP 12, DLP 9, PFP 5, independents 5 note: percent of vote is for 2004 general election; seats by party reflect results of 2005 and 2006 by-elections; MDP became DP in May 2005; United Liberal Democrats (ULD) merged with GNP in February 2006
Pipelines	gas 1,482 km; refined products 827 km (2007)	gas 1,482 km; refined products 827 km (2006)
Political parties and leaders	Creative Korea Party or CKP [MOON Kook-hyun]; Democratic Labor Party or DLP [CHUN Young-se]; Grand National Party or GNP [KANG Jae-sup]; Liberty Forward Party or LFP [SIM Dae-pyung]; United Democratic Party or UDP [SOHN Hak-kyu]	Democratic Labor Party or DLP [MOON Seong-hyun]; Democratic Party or DP [PARK Sang-chun]; Grand National Party or GNP [KANG Jae-sup]; People-First Party or PFP [SHIN Kook-hwan and SIM Dae-pyung]; Uri Party [Chung Sye-kyun]
Unemployment rate	3.2% (2007 est.)	3.3% (2006 est.)

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