Rizal Philippines
August 13, 2018
From Korean Herald - Korea GDP/capita to hit $30,000 in 2018
Trading economic History of GDP of South Korea
It took 12 for Korea to reach this level. It thus joins the elite group of countries: France, Italy, New Zealand, Israel, Japan. Those who are tried to catch up were Kuwait, Puerto Rico and Spain
South Korea was able to do this despite mountainous terrain, lack of natural resources, emergence from war with North Korea in the 1950s, political turmoil, and financial crisis of 1997. It was one of the poorest economy in the world in 1950s with its economy comparable to sub Saharan desert
We can only admire the tenacity and determination of Koreas who in the 1960s had only $79 GDP per capita. But they were laughing stock by neighboring countries when they boasted of being Number 1 in semicon fab. The Japanese jeered them: What? You cant even make a refrigerator. Five years ago they were number 1 at semi con fab.
Korea contributes 2% to world GDP, it is the 3rd largest in Asia, and 11th in the world
How about the Philippines. Our GDP is sub $3,000. (we are higher than India) and what can we offer as excuses (Take note our GDP growth has been very high vs Korea in the last five years)
1. Frequent calamities typhoon earthquakes
2. Political instability
3. High prices of fuel.
No more excuses. SK has more excuses than us
