Comparison: Australia and South Korea
By Anderson Guo
The purpose of this project is to comparing and contrasting the Australian and South Korean economies through these two country’s “economic growth and quality of life”, “employment and unemployment“ and “environmental sustainability”.
Australia and South Korea are two world’s major economies, South Korea is a “New industrialized Nation “and Australia is considered as a developed country, they all have archived remarkable economic success but there was a wide variety of difference between Australian and South Korean economy, government and these two countries had walked through different path of development.
Introduction to South Korea
South Korea is the Presidential Republic, its government was divided into three branches: executive, judicial, and legislative. South Korea is Asia’s fourth largest economy and the 11th largest economy around the world. South Korea is a major country in G20 and member of WTO and OECO. South Korea's economy heavily relied on its exports, South Korea is the 7th largest exporter in the world, it is the World’s largest shipbuilder and has World’s largest electronics manufacturing firm: Samsung electronics. But due to the lack of natural resources, South Korea is also heavily relied on import and that make South Korea become the 10th largest importer in the world.
Introduction to Australia
Australia is a representative democracy and a constitutional monarchy with Queen Elizabeth II as Australia's head of state, it is a federation of six States and two self-governing Territories, these regions have their own constitutions, parliaments, and governments. Australia’s economy is an advanced mixed-market economic system, it is the 14th-largest national economy by nominal GDP, Australian GDP of 2017 was $1.69 trillion, Agricultural products, mineral resources and Services play an important role in the Australia economy, these two industries consist of 29.9% of Australian GDP and services contributed 78 % of the GDP Australia is rich in sheep, cattle, wheat, and sugar.
After the end of the 1950-53 war with North Korea, South Korea suffer great losses, its economy was stagnated for years and depended heavily on foreign aid. In 1960, South Korea was considered as one of the poorest countries within the world. In 1960s South Korean government started to promote the import of raw materials and technology, concentrate their resources on export-oriented industries that still crucial for the South Korean economy till today. Under these policies, the South Korean economy has been growing at a good pace since 1961. I From 1965 to 1990, Korea’s per capita gross national product (GNP) grew at an annual rate of 7.1%, ranking first in the world and by 1990, Korea’s GDP has reached $236.4 billion, a 99-fold increase over 30 years. In 1997, South Korea became an advanced economy of the OECD in 1997. In the next twenty years, Korean economy has maintained sustaining growth, in 2018, South...