#464 South Korea 100%/5% R&D

#news #trendingTime for a new development modelThe Republic of Korea has become a benchmark forsuccessful economic development. Between 1970 and 2013,GDP per capita grew from US$ 255 to US$ 25 976, driven bythe strong manufacturing and industrial capabilities thatturned it into one of Asia’s economic ‘tigers’. Among themany factors contributing to this success story is the country’scommitment to technological progress and to developing aneducated, skilled labour force. Today, the Republic of Koreais the only nation to have transformed itself from a majorrecipient of foreign aid into a major donor.However, the government recognizes that this remarkableeconomic growth is no longer sustainable. Globalcompetition with China and Japan is intense, exports areslipping and the global demand for green growth has alteredthe balance. In addition, a rapidly ageing population anddeclining birthrates threaten Korea’s long-term economicdevelopment (Table 25.1). Middle-income households arestraining to make ends meet in the face of stagnating wagesand there are signs of evident social distress; the Organisationfor Economic Co-operation and Development (OECD) reportsthat the Korean divorce rate has doubled in recent years andthat its suicide rate is the highest of any OECD member. Thetime has come for an alternative development model.https://en.unesco.org/sites/default/files/usr15_republic_of_korea.pdfhttps://www.paypal.com/paypalme/AVCORPORATELTD?country.x=GB&locale.x=en_GBhttps://www.avcorporateltd.co.uk