#1 Economy of South Korea by DonaldWalker 28.10.2022 01:37

South Korea is considered a developed nation. A nation's level of development is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality and quality of life. As a developed nation, South Korea is able to provide its citizens with social services such as public education, health care, and law enforcement. Citizens of developed countries enjoy a high standard of living and longer life expectancies than citizens of developing countries. South Korea exports about US$557.3 billion and imports about US$516.6 billion each year. 3.8% of the country's population is unemployed. The total number of unemployed in South Korea is 1,944,249. In South Korea, 12.5% ​​of the population lives below the poverty line. The percentage of citizens living below the poverty line in South Korea is low, indicating that there is a stable economy. Investors should consider South Korea as a safe place for investment and other financial ventures. Government spending on education is 5% of GDP. The country's Gini index is 30.2. South Korea is experiencing good equality. The majority of citizens in South Korea fall within a narrow income bracket, although some cases can show significant differences. South Korea has a Human Development Index (HDI) of 0.891. South Korea has a very high HDI value. This suggests that almost all citizens are able to live a desirable life because of social and economic support; Citizens with a low standard of living receive help and support and have the opportunity to rise in society. The Global Peace Index (GPI) for South Korea is 1.701. Due to the strong presence of the law enforcement authorities and the high social responsibility, South Korea is very safe in international comparison. The strength of the rights index for South Korea is 5. Overall, it is considered rather weak – bankruptcy and collateral laws can protect the rights of borrowers and lenders to some extent; Credit information may be sufficient but scarcely available, or conversely, available but not sufficient.


The currency of South Korea is South Korean Won. The plural form of the word South Korean Won is won. The symbol used for this currency is ₩ and is abbreviated as KRW. The South Korean won is divided into jeon; there are 100 won in one.

Credit rating

The depth of credit information index for South Korea is 8, meaning that for the most part the information is adequate and fairly detailed. Accessibility is not a problem. According to the rating agency SP, South Korea has a credit rating of AA- and the outlook for this rating is stable. According to the Fitch rating agency, South Korea has a credit rating of AA- and the prospects for this rating are stable. According to the rating agency Moody's, South Korea has a credit rating of Aa3 and the prospects for this rating are positive.

Central bank

In South Korea, the institution that manages the state's currency, money supply, and interest rates is called the Bank of Korea. Locally, the central bank of South Korea is called 한국은행. The average interest rate on deposits offered by local banks in South Korea is 2.5%.

National debt

South Korea has a public debt of 17.36% of the country's gross domestic product (GDP) as estimated in 2014.

Tax information

Corporate income tax in South Korea is 24.2%. Personal income tax ranges from 6% to 38% depending on your specific situation and income level. The sales tax in South Korea is 10%.


Total Gross Domestic Product (GDP) valued as Purchasing Power Parity (PPP) in South Korea is US$1783950 billion. The gross domestic product (GDP) per capita calculated as purchasing power parity (PPP) in South Korea was last at 35 million US dollars. PPP in South Korea is considered below average compared to other countries. Below-average PPPs indicate that citizens in this country find it difficult to buy local goods. Local goods can include food, shelter, clothing, healthcare, personal hygiene, essential furnishings, transportation and communications, laundry, and various types of insurance. Countries with below-average purchasing power parities are dangerous locations for investments. The total gross domestic product (GDP) in South Korea is 1,304,554 billion.

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