Over the once many decades, South Korea has pulled off an profitable success story that reads like a suspenser – nippy, profitable growth accompanied by a substantial reduction in poverty. Picture this the country's gross domestic product( GDP) flexing its muscles with an emotional4.9 periodic growth rate from 1988 to 2022, fueled by a hefty8.9 average import growth during the same period.
figures. South Korea, formerly a humble aid philanthropist,
strutted into the Development Assistance Committee( DAC) of the OECD in 2010.
Since also, its gross public income( GNI) per capita has soared from a stingyUS$
67 in the early 1950s to a whoppingUS$ 32,661 in 2022.
But here's the interesting part: South Korea joined the game
early. Several things, like investing a lot, having fewer babies, trading
freely, getting better at important things, and having good rules, helped it go
from being not rich to being rich.
When countries make
big political improvements, it can slow down progress. As South Korea gets
closer to being as rich as the United States, there's a warning that if its
institutions and programs don't get better, progress might slow down.
South Korea did well in the business of making and selling
stuff, but the part of its economy that offers services didn't perform so
great, causing a bit of an issue.
So, what's the takeaway from South Korea's success? It sets
a good example for China. The story suggests that China's speedy economic
growth might hit the brakes in the future due to certain changes. The advice is
to step up the game, boost productivity, especially in the service sector, and
keep the country on the growth track. But South Korea is more than just numbers
and charts.
The World Bank Group that was Korea Office, left in 2013, is now entering
its third phase, aiming to be a global hub for new and fresh ideas and
technology in meaningful development.
South Korea and the World Bank teamed up for this
significant effort, creating funds and agreements to back it. Alongside the
Korea Development Institute, they penned important reports delving into how
South Korea moved from having less money to having more, with new ideas and
technology playing a crucial role.
In the midst of the COVID-19 challenges, South Korea and the
World Bank Group Korea Office collaborated with the Korean government. They
weren't just dealing with the sickness; they were crafting plans, especially
using new and tech-savvy approaches. Picture it like a high-stakes card game
where South Korea, Fiji, Malaysia, Mongolia, and Vietnam pooled their ideas on
how to be ready for and tackle health crises.
Come September 2023, the Asia Pacific Pandemic Forum will be a major discussion where experts will hash out strategies for the upcoming health challenges and spill the real deal.
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