Today's topic is economy in Korea. Korean economy is based on industry. Top industries Korea has are IT technology, Cars, Ships, Construction. Especially in IT technology, we are one of the leading countries in the world. We have a lot of companies that have cutting-edge technologies. Samsung is one of them. This company produces smartphone, computer and semiconductors for IT devices.
Like this, Korea has very big industry. However, there are also some problems. One is that Korean economy depends a lot on export. So, our economy is easily influenced by other countries' economic situations. For example, when world wide economic crisis arose, export decreased and our economy also got worsen. Moreover, our export is concentrated to few countries like U.S.A, China and Japan. Therefore, we are more dependent on their economies.
So, to solve this problem, government has contracted FTA(Free Trade Agreement) treaties with a lot of countries so that Korea companies can sell their products more easily. By these efforts, I think our economy is getting better.
Like this, Korea has very big industry. However, there are also some problems. One is that Korean economy depends a lot on export. So, our economy is easily influenced by other countries' economic situations. For example, when world wide economic crisis arose, export decreased and our economy also got worsen. Moreover, our export is concentrated to few countries like U.S.A, China and Japan. Therefore, we are more dependent on their economies.
So, to solve this problem, government has contracted FTA(Free Trade Agreement) treaties with a lot of countries so that Korea companies can sell their products more easily. By these efforts, I think our economy is getting better.
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| Chart showing GDP of South Korea |
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