Saturday, September 18, 2021

South Korea | Introduction

AsiaSouth KoreaSouth Korea | Introduction

Korea, often known as the “Land of the Morning Calm,” has historically acted as a cultural bridge between China and Japan. South Korea has just emerged from the shadows of its tumultuous history to firmly establish itself as one of the world’s main economic powers. Since the turn of the century, South Korean culture has grown in popularity across East Asia, resulting in the country being a popular tourist destination.

Tourism

South Korea had 11.1 million international visitors in 2012, up from 8.5 million in 2010, making it the world’s 20th most visited country. South Korea had more than 12 million visitors in 2013, with 6 million of them coming from China alone, because to Hallyu. The South Korean government has set a goal of luring 20 million international visitors per year by 2017 due to increasing tourism possibilities, particularly from outside Asia. According to a research by the Hyundai Research Institute, Hallyu’s beneficial impacts on the nation’s entertainment sector are not confined to the cultural industry. The Korean Wave, according to the Hyundai Research Institute, has a direct effect on attracting direct foreign investment back into the nation via product demand and the tourist sector. China was the most welcoming Asian country, spending 1.4 billion in South Korea, the majority of which went into the service sector, a sevenfold increase from 2001. According to economist Han Sang-Wan, a 1% rise in Korean cultural content exports to a nation boosts consumer goods exports by 0.083 percent, while a 1% increase in Korean pop content exports to a country boosts tourism by 0.019 percent.

Demographics

The National Statistical Office projected South Korea’s population to be approximately 50.8 million in April 2016, with the working-age population and total fertility rate continuing to decrease. The nation is known for its high population density, which in 2015 was estimated to be 505 people per square kilometer, more than ten times the world average. Because of significant migration from the countryside during the country’s fast economic growth in the 1970s, 1980s, and 1990s, the majority of South Koreans now reside in cities. Seoul, the country’s capital, is also the country’s biggest metropolis and most important industrial hub. Seoul has a population of ten million people according to the 2005 census. The Seoul National Capital Region is the world’s second biggest metropolitan area, with a population of 24.5 million people (almost half of South Korea’s total population). Busan (3.5 million), Incheon (2.5 million), Daegu (2.5 million), Daejeon (1.4 million), Gwangju (1.4 million), and Ulsan (1.4 million) are the other significant cities (1.1 million).

International migration has also influenced the demographic. Approximately four million individuals from North Korea crossed the border into South Korea after World War II and the partition of the Korean Peninsula. Emigration, particularly to the United States and Canada, reversed this net entrance trend during the following 40 years. South Korea’s overall population was 21.5 million in 1955, and by 2010, it had more than quadrupled to 50 million.

With more than 99 percent of the population being of Korean ethnicity, South Korea is one of the world’s most ethnically homogenous societies.

The number of foreign nationals has been steadily increasing. In 2009, there were 1,106,884 foreign residents in South Korea, accounting for 2.7 percent of the population; however, more than half of them are ethnic Koreans with dual citizenship. For example, foreign nationals from China (PRC) account for 56.5 percent of the total population, yet about 70% of Chinese residents in Korea are Joseonjok (in Korean), PRC citizens of Korean ancestry. According to the Korea National Statistical Office, there are 28,500 US military troops serving in South Korea, the majority of whom are on a one-year unaccompanied tour (but about 10% serve extended deployments accompanied by family). In addition, about 43,000 English instructors from English-speaking nations are stationed in Korea on a temporary basis. Since 2010, approximately 30,000 foreign-born residents have obtained South Korean citizenship, making it one of the fastest-growing countries in terms of foreign-born population.

In 2009, South Korea’s birthrate was the lowest in the world. If current trends continue, the country’s population would drop by 13% to 42.3 million by 2050. The yearly birthrate in South Korea is about 9 per 1000 inhabitants. However, in 2010, the birthrate rose by 5.7 percent, and Korea no longer boasts the lowest birthrate in the world. According to a Chosun Ilbo study from 2011, South Korea’s overall fertility rate (1.23 children born per woman) is greater than Taiwan’s (1.15) and Japan’s (1.15). (1.21). In 2008, the average life expectancy was 79.10 years (34th in the world), but by 2015, it had risen to approximately 81 years. In the OECD countries, South Korea has the greatest drop in working-age population. The National Statistical Office projected in 2015 that the country’s population will peak in 2030.

Religion

In 2005, slightly under half of South Koreans said they did not have a religious preference. The majority of the remainder are Buddhists or Christians. According to the 2007 census, 29.2% of the population was Christian (18.3% Protestants, 10.9 percent Roman Catholics), while 22.8 percent was Buddhist. Islam and other new religious groups such as Jeungsanism, Cheondoism, and Wonbuddhism are examples of other faiths. Korean shamanism was the first religion to be practiced. The constitution now guarantees religious freedom, and there is no official religion. However, there is a contradiction with the long-standing necessity of obligatory military duty, which leads to the incarceration of conscientious objectors, leading to the detention of many Jehovah’s Witnesses in South Korea for rejecting on the same reasons. The United Nations Human Rights Committee has concluded that South Korea’s government employs arbitrary imprisonment of conscientious objectors and that the country should take measures to address the problem.

Christianity is the most popular religion in South Korea, with more than half of the country’s religious followers. In today’s South Korea, there are about 13.7 million Christians; approximately 63 percent of Korean Christians attend Protestant churches, while 37 percent attend Roman Catholic churches. Since the 1990s, the number of Protestant Christians has dropped somewhat, whereas the number of Roman Catholics has risen dramatically since the 1980s. The Presbyterian Church of South Korea is the largest Christian denomination in the country. Around nine million individuals are members of one of the 100 Presbyterian churches; the HapDong Presbyterian Church, TongHap Presbyterian Church, and Koshin Presbyterian Church are among the largest denominations. See Presbyterianism in South Korea for additional information. After the United States, South Korea is the second-largest missionary-sending country.

In the year 372, Buddhism was introduced to Korea. According to the 2005 national census, there are approximately 10.7 million Buddhists in South Korea. About 90% of Korean Buddhists now are members of the Jogye Order. Buddhist items make up the majority of South Korea’s National Treasures. Since the Three Kingdoms Period, when Goguryeo accepted Buddhism as the official religion in 372, it has been the state religion in several Korean kingdoms, including Baekje (528). From the North South States Period (not to be confused with the current split of Korea) until Goryeo, Buddhism was the official religion of Unified Silla before being suppressed by the Joseon dynasty in favor of Neo-Confucianism.

Although there are less than 30,000 Muslims in South Korea, the nation has 100,000 migrant workers from Islamic countries such as Bangladesh, Indonesia, and Pakistan.

Korean shamanism, often known as Muism (religion of the mu [shamans]) or Sinism (religion of the gods), includes a wide range of indigenous Korean religious beliefs and rituals. Muism is the most often used word in modern South Korea, and a shaman is known as a mudang or Tangol. This religion has regained popularity among Koreans during the early 2000s.

Economy

South Korea’s mixed economy is ranked 11th nominally and 13th in terms of purchasing power parity GDP, putting it among the G-20 big countries. It is the most industrialized OECD member nation and is a developed country with a high-income economy. South Korean companies such as LG Electronics and Samsung are well-known throughout the world.

With its enormous investment in education, the country has progressed from widespread illiteracy to a significant global technical powerhouse. From the early 1960s until the late 1990s, South Korea’s economy was one of the world’s fastest-growing, and it is currently one of the fastest-growing developed nations in the 2000s, with Hong Kong, Singapore, and Taiwan, the other three Asian Tigers. The Miracle on the Han River is how South Koreans refer to this development. South Korea’s economy is highly reliant on foreign commerce; in 2014, it was the world’s fifth biggest exporter and seventh largest importer.

In November 2010, the fifth G20 summit was held in Seoul, South Korea’s capital. The two-day summit was projected to improve South Korea’s economy by 31 trillion won in economic impacts, or 4% of the country’s 2010 GDP, and generate over 160,000 jobs. It may also help the country’s sovereign credit rating improve.

Despite South Korea’s strong development potential and apparent structural stability, the country’s credit rating is harmed in the stock market due to North Korea’s belligerence during severe military crises, which has a negative impact on South Korean financial markets. The International Monetary Fund lauds South Korea’s economic resilience in the face of different economic crises, noting low state debt and large fiscal reserves that can be rapidly deployed to deal with financial crises. Despite being badly damaged by the Asian financial crisis of the late 1990s, the South Korean economy recovered quickly and quadrupled its GDP.

Furthermore, during the global financial crisis, South Korea was one of the few developed nations to escape a recession. Its economic growth rate in 2010 was 6.2 percent (the fastest in eight years following substantial growth of 7.2 percent in 2002), a considerable improvement from 2.3 percent in 2008 and 0.2 percent in 2009, when the global financial crisis struck. South Korea’s unemployment rate remained low in 2009, at 3.6 percent.