South Korea is a highly industrialized economy and the 11th largest economy in the world. According to data from the International Monetary Fund, South Korea's GDP in 2021 (GDP) was about 1.62 trillion US dollars. The following is a brief introduction to some major data and trends of the Korean economy:
Employment: According to data released by the Korean government, in January 2022, South Korea's employment rate was 61.7 %, which was slightly increased compared to the same period last year.
Foreign Trade: South Korea is the world's largest ship exporter and the fourth largest car exporter. The main export products in South Korea include electronic products, steel, automobiles, petroleum products and chemical products. According to data released by the Korean government, the total exports of South Korea in 2021 were US $ 513 billion, an increase of 19.5 % over last year.
Finance: The Korean government's fiscal budget in 2022 was 3.866 trillion won (about $ 347 billion). The government plans to achieve budget balance by increasing public investment, increasing tax revenue and reducing expenditure.
Currency: The Korean currency unit is the Korean won, and the current exchange rate is $ 1 = 1184.11 won. The Bank of Korea is a Bank of Korea, which is responsible for formulating monetary policy and issuing currency.
Investment: The South Korean government is actively promoting innovation and technology development to improve the competitiveness of the Korean economy. The government plans to invest tens of billions of dollars in the next few years to support the development of artificial intelligence, 5G, and the Internet of Things.
Overall, the South Korean economy has made great development in the past few decades. Although it has faced challenges such as the new crown epidemic and global trade frictions in recent years, the South Korean government is taking positive measures to promote economic recovery and growth.