This essay is aimed to describe the current macroeconomic position of Korea and policy options have been adopted by the monetary and fiscal regimen in order to correct any inflation, unemployment or harvest-home problems that exist. I would like to analyze these by three chief(prenominal) aspects. Background of Korea economy, Description of gross domestic product and its juvenile history and monetary and Monetary policies adopted.
Background:
Korea was an underdeveloped and largely agrarian country in the beginning 1960s. However, as a result of success of export-oriented industrialization within about three and a half decades, it was transformed into a modern industrialized country. Its gross domestic product volume soared from only 2.1 meg U.S. dollars in 1961 to 520.0 billion U.S. dollars by 1996. It became a member of the OECD in 1996. Nevertheless, its structural weakness accumulated as the rapid harvest-home of the economy, and this problem finally revealed in 1997. Therefore, Korea economy experienced a currency crisis and some severe difficulties. In order to recuperate its weakness, currently Korea is carrying on structural reform of its overall economy.
GDP and its recent history
1995
1996
1997
1998
1999
2000
3
2001
2002
2003
Korea is a modern industrialization country, which is mainly establish on its export, especially in motor industry and electronic goods. From 1990-1996, it has an average 7.6% GDP growth rate per annum.
By study the GDP trend during 1995 to 2003 we can see that the GDP is generally increasing, only in 1998, which declined sharply, because of the financial crisis which started in June 1997. However, the...
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