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The policy makers of South Korea have emphasized on skilled and high quality industries such as the motor vehicle industry and electronics manufactures. This has made South Korea currently to have the sixth largest motor vehicle industry in the world. The country is also now the fourth largest producer of electronics goods. Industry in South Korea contributes about 35% of gross domestic product and provides employment to approximately 20% of the labor force. Important industrial and manufacturing base include computers, telecommunications equipment, consumer electronics, automobiles, ship, semiconductors, petrochemicals, and steel production.
The cost of houses in South Korea is rising rapidly with the increasing household expenses associated with rising house prices reducing the expectation of consumer spending.
The continued rise in house prices increase the interest rates. The rising rapid rise in prices has negative consequences for the economy. There is rising concern that the household debt is weighing down prospects for spending amid already meek income and employment growth. This is also raising concerns about an economic crisis especially if there will be an adjustment in house price (National Australia Bank 2).
The labor force in South Korea was over 20 million individuals in 2004. The majority of South Koreans are working in the services sector. This accounts to over sixty percent of the working population. Unemployment's low with and was recorded at 3.4% in 2003.The Ministry of Health and Welfare estimates...
Another 3.2 million peoples are categorized as living in extreme poverty. South Korean women are economically active and are employed in almost all sectors of the economy. An Equal Employment Act was amended to forbid sexual favoritism in the private sector.
The government of South Korea by and large respects the human rights of its citizens and this contributes to high living standards. However, many employees do not enjoy the right of association and efforts to organize their unions and sometimes have met harassment and arrest. Incidences of domestic violence, sexual harassment and disparities in pay between men and women, rape and child abuse continue to be serious problems. Low levels of unemployment and less people living in poverty improve the living standards of the population.
References
Bureau of East Asian and Pacific Affairs. Background Note "South Korea" October 30, 2009.http://www.state.gov/r/pa/ei/bgn/2800.htm
Country Profile. South Korea Library of Congress -- Federal Research Division, May 2005.
Marcus, Noland. "North Korea and the South Korean Economy," Peterson Institute for International Economics, available from www.petersoninstitute.org/publications/papers, Internet, accessed November 14, 2007. 3.
Manyin, Mark E. South Korea-U.S. Economic Relations; Cooperation, Friction, and Future Prospects: CRS Report for Congress, 2004.
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