Question

What is the current state of the South Korean Economy and why? (Boom, recession, depression, recovery)

Answer 1

1. When financial crisis occurred worldwide, business had been quickly recovered in South Korea than in the United States and Europe.

2. Its economy had been improved in a swift way in 2018 that too in the last three months since recovery with an average of more than 3% annually.

3. This boom is due to heavy government spending which helped in boosting up the construction and also by the capital investment.

4. South Korea had been an agricultural economy in the past 60 years but due to formation of policies which encouraged investment in innovation had made the economy powerful by improving its environment of business.

5. China is the biggest competitor in R&D matters but as long as it continues to invest in innovation it goes on increasing its economic growth and so its business environment.