The purpose is to analyse a specific given country (South Korea), economic, socio-cultural and legal and political environment.
Economic environment Past four decade South Korea showed an impressive growth as well as global integration to become a high tech industrialized economy. In past in 1960s, the Gross Domestic Product (GDP) per capita was compared to the poor countries (Africa and some parts of Asia), by 2004, it joined the trillion dollar club of world’s economies and currently in the top twenty largest economies (Globserver Asia, 2013). They achieved this by placing the system of close government and business ties, also including directed credit and import restrictions (Central Intelligence Agency, 2013). In 2012 due to the market slowdowns in United States, Eurozone and China, the economy has experienced slow growth. Though it is the 8th largest exporter in the world ($548.2 billion) which decreased 0.21% from prior year. The export goods are semiconductors, wireless communications equipment, motor vehicles, computers, steels, ships and petrochemicals (Central Intelligence Agency, 2013). In 2012 the country’s GDP was $1.622 trillion which ranks 13 on the world scale which increased 2.7% from previous year, and a GDP capita in US dollars was $32,400. The real GDP growth rate was 2.7%. The unemployment rate was 3.8% and the inflation rate was 2.2% (Central Intelligence Agency, 2013).
Main language spoken and written in South Korea is Korean. The religious belief, from 2010 survey was that 43.3% have no religion, 24% are Protestants, 24.2% Buddhists, 7.6% Roman Catholic and 0.9% unknown (Central Intelligence Agency, 2013). Korean families hold ancestral ceremonies for the previous three generations (great grandparents, grandparents and parents) several times a year, but main ones are: Chuseok (Korean thanks giving day) and New Year’s Day (Kwintessential). The norm that Koreans follow is: Kibun which