I agree to the above statement that macroeconomic stability as well as building long-term growth have been critical in the success of these countries.
What is macroeconomics stability
Macroeconomics stability refers to sustainable economic growth, low and stable inflation, low and stable unemployment and a sustainable balance of payments (BOP) position. These are the four goals that are important for any country to maintain macroeconomic stability. These are measured by key macroeconomic indicators such as GDP growth rate, inflation rate, unemployment rate and balance of payments. It is a “mix of external and internal balance, which in turn implied, in the second case, full employment and stable economic growth, accompanied by low inflation.” (Ocampo, 2007)
The building of long-term growth essentially means the long run economic growth of a particular country. “Economic growth occurs when real GDP increases…Economic growth is a sustained, year-after-year increase in potential GDP (Parkin, 2014:544)
South Korea is one of the leading countries in technology and entertainment with a population of 50.95 million. The government has been constantly making efforts to reinforce the groundwork for long- term growth and improve the real economy. ((KOCIS), 2013)
Economic performance of South Korea over past 6 years (2006-2011)
GDP growth rate
The GDP growth rate of this country expanded 1.1 percent in the third quarter of 2013 over the previous quarter. The economy developed at an average 1.1 percent on a quarter over quarter basis, driven by exports which accounts for half of its GDP. (Tradingeconomics.com, 2013) GDP, or gross domestic product, is the market value of the final goods and services produced within a country in a given t...
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...oad view of macroeconomic stability.
Parkin, M. 2014. Economics. Boston: Pearson.
Thejakartapost.com. 2013. Macroeconomic stability? By what definition?. [online] Available at: http://www.thejakartapost.com/news/2003/05/12/macroeconomic-stability-what-definition.html [Accessed: 30 Nov 2013].
Tradingeconomics.com. 2013. South Korea GDP Growth Rate | Actual Data | Forecasts | Calendar. [online] Available at: http://www.tradingeconomics.com/south-korea/gdp-growth [Accessed: 30 Nov 2013].
Tradingeconomics.com. 2013. South Korea Unemployment Rate | Actual Data | Forecasts | Calendar. [online] Available at: http://www.tradingeconomics.com/south-korea/unemployment-rate [Accessed: 30 Nov 2013].
Ustr.gov. 2013. Korea | Office of the United States Trade Representative. [online] Available at: http://www.ustr.gov/countries-regions/japan-korea-apec/korea [Accessed: 30 Nov 2013].
Economic growth is the percentage change of GDP over a period of time and is
"College Costs - Average College Tuition Cost." College Admissions - SAT - University & College Search Tool. The College Board. Web. 23 Mar. 2011.
Reserve Bank of Australia (2010). Measures of consumer price inflation. Retrieved August 19, 2010, from http://www.rba.gov.au/inflation/measures-cpi.html.
"Hungary." Economy: Population, GDP, Inflation, Business, Trade, FDI, Corruption. N.p., n.d. Web. 19 Nov. 2013.
When real Gross Domestic Product (GDP) increases or fluctuates in a given period, it shows either the economic growth rate is expanding or contracting as the real Gross Domestic Product (GDP) is being used to calculate the economic growth
Italy Economy 2016. (2016, February 11). Countries of the World. Retrieved May 18, 2016, from Italy Economy 2016: http://www.theodora.com/wfbcurrent/italy/italy_economy.html
South Korea has a strong $1-trillion economy; it is the third largest market in Asia, behind Japan and China. It also has the 13th largest economy in the world. It is expected that the economy’s current upward trajectory will continue for some time to come. This makes South Korea an attractive market for foreign investment, especially as the world economy, as a whole, continues to improve.
"Cost of Living in Hong Kong. Jun 2016 Prices in Hong Kong." Expatistan.com. N.p., n.d. Web. 08 June 2016.
From Korean Pop stars to dramas, South Korea has it going on. It seems that there is not one Asian country that has not had the Korean Wave, a Chinese term given to South Korea referring to the exportation of their culture, completely wash over it. What started as an Asian sensation, the Korean Wave is now beginning to spread globally, ranking South Korea as one of the top countries known for its exportation of culture. Between music, television, and video games, South Korea’s economy is rapidly increasing as the world continues to fall in love with its entertainment industry.
First Economically, South Korea in 2013 is reported as 15th in economic ranking in nominal and as 12th in PPP (purchasing power parity). The government type of South Korea is based on democrat republic and its system is mixed with European civil law, Anglo-American law, and Chinese cla...
South Korea presents a great potential for organization looking to start business in it. Like any other country, it has advantages as well as disadvantages to starting a business. One advantage is that it appears that the government is will to reduce export tariffs that are. According to research by Kumuro, “A change-in-tariff- classificati on test focuses on whether the manufacture of the good in the exporting” (Kumuro, 2009). The country’s leadership has also made great progress in allowing free exchange rates, which has made trading with S. Korea a little bit easier versus business relationship in the past.
Australia GDP Growth Rate | 1959-2015 | Data | Chart | Calendar | Forecast. (n.d.). Retrieved January 27, 2015, from http://www.tradingeconomics.com/australia/gdp-growth
The economic growth of the South Korea is often seen as a miracle. Korea has ascended from the annihilation and fiasco of Korean War in the 1950s to currently being 12th largest in GDP. The data from the Statistics Korea show that from 1960 to 2013, GDP per capita jumped from mere $1,417 to $21,562 (Central Intelligence Agency, 2014). This remarkable economic growth contributed to the substantial reduction in Korea’s labour income inequality. The Korean economy experienced improved consumer spending and increased facilities investment.
Currency Fluctuation, What is Currency Fluctuation, 2014. Available at: http://www.wisegeek.org/what-are-currency-fluctuations.htm Retrieved at 6th April 2014
Trading Economics. (2013, december 31). South Africa GDP Annual Growth Rate. Retrieved may 13, 2014, from Trading Economics: http://www.tradingeconomics.com/south-africa/gdp-growth-annual