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Article: South Korea's consumers spend less.
- Article from:
- Market Asia Pacific
- Article date:
- July 1, 2005
CopyrightCOPYRIGHT 2005 Media Contact Resources, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Over the past decade, South Korea's per capita income has grown an estimated 60 percent. This estimate is derived from International Monetary Fund (IMF) statistics including the IMF's prediction that per capita income in 2005 will reach US$19,515. This puts the country's per capita income in the top 20 percent of the 232 countries tracked by the CIA's World Factbook.
From 1999 through 2002 South Korea's GDP (adjusted for price changes) grew an average of 7.2 percent. In 2004, South Korea joined the 10 other countries in the world with a trillion dollar economy.
In 1998 at the height of the Asian financial crisis, South Korea's economy contracted 6.9 ...