Economy of South Korea
South Korea is considered to be a developed nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developed nation, South Korea is able to provide its citizens with social services like public education, healthcare, and law enforcement. Citizens of developed nations enjoy a high standard of living and longer life expectancies than citizens of developing nations. Each year, South Korea exports around $557.3 billion and imports roughly $516.6 billion. 3.8% of population in the country are unemployed. The total number of unemployed people in South Korea is 1,944,249. In South Korea, 12.5% of the population lives below the poverty line. The percentage of citizens living below the poverty line in South Korea is low, indicating that it has a stable economy. Investors should consider South Korea to be a safe location for investments and other financial ventures. Government expenditure on education is 5% of GDP. The Gini Index of the country is 30.2. South Korea is experiencing good equality. The majority of citizens in South Korea fall within a narrow range of income, although some cases may show significant differences. South Korea has a Human Development Index (HDI) of 0.891. South Korea has a very high HDI score. This indicates that nearly all citizens are able to attain a desirable life because of social and economic support; citizens with a low standard of living receive aid and support and have the opportunity to advance in society. The Global Peace Index (GPI) for South Korea is 1.701. Due to strong law enforcement presence and high social responsibility, South Korea is very safe by international standards. The strength of legal rights index for South Korea is 5. Overall, it is considered to be rather inadequate - bancrupcy and collateral laws are able to protect the rights of borrowers and lenders to some degree; credit information may be sufficient, but hardly available, or, the oppoiste case, available but not sufficient.
