South Korea and the United States

South Korea and the United States - Real GDP of the United...

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Real GDP of the United States and South Korea Over the Past 50 Years Introduction The United States Bureau of East Asian and Pacific Affairs released a report in March 2008 detailing, among other data, the economic growth of South Korea. Upon reading this report, I was surprised to see how spectacular the economic growth of South Korea has been in the last 50 years. Since real GDP is an often-used indicator to gauge the health of an economy (1), I decided to use real GDP as a primary basis of comparison for the two countries. First I will compare the real GDP numbers for the United States and South Korea. Then I will attempt to point out what changes took place in both countries that possibly affected the real GDP. Real GDP Historical Data After scouring the internet, I found some very good data at globalfinancialdata.com (4). I took quarterly data starting in 1958 for South Korea and the United States. Data for South Korea was only available yearly from 1958-1960, but all other years were quarterly. Here are graphs of the data for South Korea and the United States. Analyzing Korea’s Historical Economic Growth In contrast to the United States, which has been a stable democracy for over two hundred years, South Korea has had relatively recent political changes. In the aftermath of World War II,
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Soviet Union troops controlled the northern half of Korea and United States troops controlled the southern half. Korea was a poor developing post-World War II country with a small manufacturing sector, and was heavily depending on foreign aid. e
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South Korea and the United States - Real GDP of the United...

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