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How does South Korea's rapid economic growth affect the world ?


Due to Kpop culture, which has become a significant culture and also the key to opening the entire world to South Korea, we all know South Korea in terms of a variety of entertainment industries.

But today, I'd like to promote and expand South Korea from an economic point of view.

In terms of gross domestic output, it is the 4th largest GDP in Asia and the 10th largest in the world.

South Korea remained one of the poorest countries in the world for over a decade following the Korean world war, but nowaday South Korea is a country where the technology booms and rapid economic develops within. South Korea uses an export-oriented economic strategy to fuel its economy, despite having essentially no natural resources and a high population density, which prevented continuous population expansion and the establishment of a big domestic consumer market.


But How does Korean technology affect the world ?

We all are familiar with major Korean technology companies that have had a significant impact on people's lives from all over the world, such as SAMSUNG, the electronics company that was founded by Lee Byung-Chul, a businessman who formed the SAMSUNG group in 1938. In today's world, the smartphone has become a vital component of human life as well as a useful piece of equipment. Around the world, 80% of people own a smartphone, the majority of SAMSUNG products. Samsung's smartphone has been used by 62.12 million people. Furthermore, SAMSUNG is a well-known manufacturer of high-quality electrical equipment. During this period, many people are using a Samsung smartphone to assist them in their daily life.


How does Korea's economic growth affect the world ?

The Korean economy has grown as a result of the rapid rise of corporations such as Samsung which is estimated to account for around 15% of South Korea's entire economy. The higher the consumption rate of a trade company, the higher the sustainable economic rate. And currently, Korea's GDP rate is approximately 3.2 percent in 2021 and tends to increase over and over. Based on the GDP rate which is a rapid growth if compared to other countries that have been harmed by the world war.

Because of this rapid growth, many investors have chosen to invest in South Korea. There are a lot of start-up companies in South Korea and there are also a lot of options if you are searching for financial funding help from a firm. South Korea is another big opportunity for you to pursue. Moreover, most successful startups are based in Seoul, and the city aims to become one of the world’s top 5 startup hubs by 2022.

In South Korea, there are many contests for those who wish to become a co-founder of a firm, such as the K-Startup Grand Challenge (KSGC), which is organized by the Korean government (Ministry of Science and ICT) to foster collaboration and the exchange of ideas among startups from Korea and around the world.


It sounds like a real life K-drama Start-up, doesn't it?

It isn't just the economy that had an impact on the rest of the world. Korean entertainment industry is also one of the major factors that has an impact too. I personally believe that film or entertainment media has a significant influence on young people throughout the world and also leads, encourages, and inspires their future way of living.

Due to numerous opportunities to start a business and the fact that South Korea has already opened its doors to the rest of the globe, it has become another cosmopolitan country with a diverse cultural mix. And I personally believe that in the not-too-distant future, many companies will be founded with Korea's strong support, resulting in a wide-ranging impact on the world.


Author

Dream Sutthiruk is a World Reporter from Thailand. She has decided to join the World Reporter because she wants to share a different point of view from her own perspective of South Korea. Despite being wounded in the World War, South Korea is currently another prosperous location in Southeast Asia. She'd like to inform people more about the impact of South Korea's economic/culture/education and also more information about Korean entertainment culture that could capture people's hearts from all around the world.



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