Macroeconomic in South Korea

Introduction

While macroeconomics is a broad field of study, there are two areas of research that are emblematic of the discipline: the attempt to understand the causes and consequences of short-run fluctuations in national income (the business cycle), and the attempt to understand the determinants of long-run economics growth (increases in national income). Macroeconomy model and their forecasts are used by governments to assist in the development and evaluation of economy policy.

My research involve macroeconomic in South Korea.  Why the author would choose South Korea was because the author love the culture, friendly people and k-pop. South Korea is a member of the Organization for Economic Co-operation and Development. South Korea has a market economy that ranks 13th in the world by nominal GDP and 13th by Purchasing Power Parity(PPP). It is a developed country, with markets and a high income economy.

GDP & GDP Growth

South Korea is one of the most highly regarded countries in the world to sustain stability growth and development. She’s one of the world's fastest growing economies from the early 1960s to the late 1990s, and remains one of the fastest growing developed countries in the 2000s.

The South Korea economy accounts for 2% of world GDP and the economy is making progress in converging towards Japanese income level. The GDP growth about one-third of nearby developed Asian economies such as Singapore, Hong Kong, and Japan. Since then, South Korea has advanced into a developed economy to eventually attain a GDP almost thirteen times the figure thirty years ago. South Korea officially became the first major recipient to have major GDP increase.

窗体顶端

On the production side, the manufacturing sector edged up  0.1 percent, slowing from 1.2 percent growth in the previous period, centering around the production of semiconductors and mobile phones. The electricity, gas and water supply rose 7.9 percent, after remaining unchanged in the June quarter, as the volume of electric power sold expanded, due to the rise of mean temperature in August and September, and the proportion of electricity generated by nuclear power increased. The construction sector grew by 5.3 percent, after remaining unchanged in the previous period, led by an expansion of building construction. The services sector expanded by 1.0 percent, after remaining unchanged in the second quarter, as all of the sub-sectors recovered from the impact of MERS. The agriculture sector also rose 6.5 percent, a reversal from a 12.2 percent drop in the June quarter. 

Year-on-year, the GDP advanced 2.6 percent in the September quarter of 2015, accelerating from a 2.2 percent expansion in the previous three months.

Trade