According to the CIA’s world factbook, South Korea has a population of approximately 49 million people. Of this population, about 14.1 percent i...
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...monstrates, the country’s GDP reliance on exporting manufactured goods is quite high, despite the service sector already accounting for 55 percent and the manufacturing sector accounting for 40 percent. Nevertheless, the service sector is going to need to increase in order to create a proper and stable economy. In comparison, 80 percent of the United States GDP relies on service, and only 19.5 percent on manufacturing. The main reason that this high 40 percent reliance on manufacturing is bad, is that in bad economic times for any of its buyers, South Korea’s economy will be heavily impacted. For instance, in the last few years the United States, China, and European markets have been fairly sluggish. Because of this, those economies are buying less, and by extension, South Korea can’t export as many goods—therefore resulting in a decline for South Korea’s own economy.
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