South Korea - Economic Growth

Context: 

South Korea is a East-Asian country with a population of just under 52 million people. It is considered to be a highly developed mixed economy with the 4th largest GDP in Asia and the 10th largest in the world. It is included in the group of the Next Eleven countries as having the potential to play a dominant role in the global economy by the middle of the 21st century.

GDP Analysis:

In the past few years, the South Korean economy has been rapidly developing after the Asian Financial Crisis in 1997. This trend has been followed steadily quite similar to the business cycle trend until the 2007-2008 Global Financial Crisis, which prior to the COVID-19 recession, it was considered by many economists to have been the most serious financial crisis since the Great Depression. The Korean Economy is largely reliant upon exports to fuel the growth of its economy and as such that was the reason for the decrease of GDP in 2014-2015 and 2018-2019. GDP per Capita has also followed the same trend increasing every year due to the country's slowing of population growth of only 0.2%.

	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019
Real GDP in billion US Dollars	943.94	1144.07	1253.22	1278.43	1370.8	1484.32	1465.77	1500.11	1623.9	1724.85	1646.74
Real  GDP Growth (%):		21.2%	9.54%	2.01%	7.23%	8.28%	-1.25%	2.34%	8.25%	6.22%	-4.53%
Real GDP per Capita (USD)	19128.44	23091.24	25172.06	25537.63	27227.74	29329.80	28840.63	29423.47	31781.09	33707.10	32147.00

Manually Calculated GDP per Capita, population data from: https://www.macrotrends.net/countries/KOR/south-korea/population