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Article: Anything Japan can do.... (South Korea's rivalry with Japan)
- Article from:
- The Economist (US)
- Article date:
- February 20, 1988
CopyrightCOPYRIGHT 1988 Economist Newspaper Ltd. 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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SOUTH Korea was the world's fastest-growing economy last year for the same reasons that made Japan a postwar overachiever. It has a young, educated and hardworking population. Its wages are comparatively low. It has a savings rate of 33% of GNP (about twice Japan's these days) and has built up a clutch of world-class industries whose steady expansion can accommodate a workforce growing by 3% a year, and still make productivity soar.
Mr Roh Tae Woo, who is to be inaugurated as South Korea's new president on February 25th, inherits all these advantages. He also takes on some of the problems that Japan faces: foreigners battling for a share of his market, ...