Economics (South Korea) + Admin & Laws in India, China & South Korea Essay

Economics (South Korea) + Admin & Laws in India, China & South Korea - Essay ExampleThis volatile growth rate is mainly due the economic recession of 2008 which affected the economy of the country significantly.The lump rate for the country has remained pretty much stable as compared to the gross domestic product rate. rising prices rate was 3 percent in 2010 and increased to 4 percent in 2011. The inflation rate, however, went down to 2.2 percent in 2012 (Euromonitor, 2013). This decrease in inflation rate is due to the slowing exports of the country which is also affecting the everyplaceall growth of the economy (Kim, 2012).The unemployment rate of South Korea has been close to 3 percent in the few years. Unemployment in 2011 was 3.3 percent which lowered to 3.2 percent in 2012. In 2013 unemployment rate has been reported as 3 percent (Prasad, 2013).The government has recently proclaimed an increase in minimum wage for all employees in the country. The minimum wage in South Ko rea now equals to about $958 monthly for 8 hours mundane (GMA News, 2013). The amount in the local currency amounts to 1,015,740 won (GMA News, 2013).South Korea has a very strong export base and, therefore, the country usually almost perpetually enjoys a trade surplus. An exception to this was in 2012 when the country reported a trade deficit. In 2013 the country announced trade surplus of just over $2 billion which shows the strength of countrys exports (Trading Economics Website, 2013).The poverty rate of South Korea is about 7 percent (Ji-Sook, 2012). A family of four large number having a family income of less than $1217 a month is considered poor by the government (2012). The poverty rate for elderly people is higher in the country compared to the boilersuit poverty rate of South Korea.Public debt of South Korea is lower compared to other developed countries. The public debt of the country is around 34. 7% of the countrys GDP (Ernst & Young, 2012). This was even lower befor e the economic recession of 2008. Low public debt is a good sign for the country.The interest rate of