Economic Security of South Korea
ECONOMIC SECURITY OF SOUTH KOREA
Introduction
The economy of South Korea is ranked at fifteenth place in the world. In terms of its relation with the United States, South Korea is the seventh largest trading partner. South Korea is well known for its high level of growth in economic field. Before 1960, South Korea was just another poor third world country and hardly known regionally as well as internationally. Its economic booming has elevated South Korea in the eyes of international cooperation especially the Organisation for Cooperation and Development (OECD).
Factors Affecting The Economic Security
Life span
Primary health care has improved tremendously for past decades. Consequently, good quality of life has contributed to longer life span among the population of South Korea citizens. Therefore the median of age of working population has shifted towards older generation.The aging population seems to be of major concern among the economic community because they might affect the economic growth of the nation. In order to sustain rapid economic growth South Korea would require constant support from the young and dynamic generations.
Education
The economy needs continuous supply of skill labours to sustain growth. Even though the government preach for the need of educated society, the financial allocation is low compare to the needs of parents in educating their children. Hence, the parents end up paying high price for additional classes in school as well as high tuition cost in tertiery education for securing good career. The cost of education is so high that each family restricted the number of children in order to provide excellent education for the child. Even then, the competition is stiff and demands for the need of furthering studies to a higher degree.
North and South Relation
The relationship between North and South Korea remains an enigma in the sense that their economic status is wide apart where the south enjoys
Introduction
The economy of South Korea is ranked at fifteenth place in the world. In terms of its relation with the United States, South Korea is the seventh largest trading partner. South Korea is well known for its high level of growth in economic field. Before 1960, South Korea was just another poor third world country and hardly known regionally as well as internationally. Its economic booming has elevated South Korea in the eyes of international cooperation especially the Organisation for Cooperation and Development (OECD).
Factors Affecting The Economic Security
Life span
Primary health care has improved tremendously for past decades. Consequently, good quality of life has contributed to longer life span among the population of South Korea citizens. Therefore the median of age of working population has shifted towards older generation.The aging population seems to be of major concern among the economic community because they might affect the economic growth of the nation. In order to sustain rapid economic growth South Korea would require constant support from the young and dynamic generations.
Education
The economy needs continuous supply of skill labours to sustain growth. Even though the government preach for the need of educated society, the financial allocation is low compare to the needs of parents in educating their children. Hence, the parents end up paying high price for additional classes in school as well as high tuition cost in tertiery education for securing good career. The cost of education is so high that each family restricted the number of children in order to provide excellent education for the child. Even then, the competition is stiff and demands for the need of furthering studies to a higher degree.
North and South Relation
The relationship between North and South Korea remains an enigma in the sense that their economic status is wide apart where the south enjoys