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South Korea & Hungary compared

Basic Macroeconomic Country Comparison
by

Krisztina E. Lengyel Almos

on 10 November 2016

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Transcript of South Korea & Hungary compared

2016
South Korea and Hungary Compared
Basic Country Profile
Location: North East Asia Central Eastern Europe
South Korea Hungary
turbulent history:
Korean "Hermit" Kingdom from VII century,
Japanese invasion (40 yrs)
,
Korean War (1950-53), division since 1953
military regimes under American influence
1987 - democracy & free market economy
South Korea Hungary
Major Sources of the Economy

Daehan Minguk

대한민국
Magyarorszag
Area: 100,000 km 93,000km
2
2
South Korea
peninsula, mountainous landlocked, flat, hilly
humid dry
features:
biodiversity:
major cities:
Seoul (10m), Busan (3m), Incheon (3m) Budapest (2m), Debrecen (0.5m), Miskolc (0.4m)
population:
50 million 10 million
population density:
496 people/km 107 people/km
2
2
low
(GEF: 2, 1.8)
natural resources:
coal, heavy metals, hydropower
coal, bauxite, natural gas, fertile soil, arable land, spring &thermal water
Hungary
hot summer
cold winter
(4 seasons)
(densely populated)
Cultural & Historical Background
at
crossroad of major powers
small distinct
homogenous cultures:
one language
one
major ethnic group
Altaic/Uralic
language group
under foreign invasion
several times in history
turbulent history:
Hun antecedents
first Hungarian Kingdom in
the

XI century,
Turkish rule (150 yrs), Habsburg rule (200 yrs),
XX century - WWI: lost 2/3 of its territory, WWII,
Soviet rule (45 yrs), from 1956 "goulash communism"
1989 - democracy & free market economy
language: Korean
language:Hungarian
92% Hungarian, 2% Roma, (Slovaks, Serbs, Germans)
98% Korean
religion:
Christianity, Buddhism,
Shamanism, Confucianism
education: 98% literacy rate,
among the top 10 highest # of college graduates per capita
Pct. population with with secondary education: 80%,
postsecondary education: 39%
mostly Catholics (Roman & Greek) 53%
Protestants (20%), Jews (1%)
education: 99% literacy rate

democratically elected by the Unicameral Parliament (386 members),
President (5 yrs) - diplomatic representation
2010-2014: Right-wing government,
PM: Viktor Orban
Sources: www.wikipedia.com, http://www.indexmundi.com/facts/hungary/literacy-rate
democratic
governments
high level of
education
democratically elected presidency (5-year term),
Prime Minister (head of government).
Legislative--unicameral National Assembly elected every 4 years
magyar
한국어
[hangul]
Government:
similar size
People
South Korea Hungary
religions:
spicy
food
Pct. population with secondary education: 81%, 14% (wikipedia)
http://www.oecdbetterlifeindex.org/countries/hungary/
Life expectancy: 74 years
in overall happiness, 65% are satisfied
(below OECD medium level)
Life expectancy: 81 years
in overall happiness, 62% are satisfied
(below OECD medium level)
(water quality - above OECD
air quality - above OECD)
(water quality - above OECD
air quality - below OECD level)
republic
Government:
2012-2016: conservative government,
PM since 2010: Kim Hwang-sik
(appointed by the president)
http://www.southkoreagovernment.com/
1988:
Seoul Olympic Games
2002 World Cup:
Japan-Korea
Macroeconomic Indicators
South Korea
Hungary
(OECD members)
Trade Relations
Macroeconomic Profile

34.5 % (stable in the past 5 years)
84.8 %
(15% increase since 2009
)
PPP in USD: 825 won
130 HUF
( in USD, 2005 price levels, PPP, 2011)
GDP
1,377 billion USD
174 billion USD
K´s more than 8 times
and
more productive
Indicators
GDP per capita
16,570 USD/person
Income Gap
between lowest 20% and highest 20% of earners
Government Debt (% of GDP):
more then 5 times almost 4 times
13,696 USD/person
Korea´s wealthier
less difference in income in Hungary
Conclusions
http://0-www.oecd-ilibrary.org.millenium.itesm.mx/economics/economics-key-tables-from-oecd_2074384x
Sources:
Unemployment rate: 3.4 %
11%
Inflation Rate:
less unemployment in ROK
3.9% 4.0%
low inflation in both countries
Long term interest rates:
4.20% 7.64%
cheaper to borrow in ROK, more attractive to invest in Hun.
Hun. more indebted
(high in the EU)
Annual GDP growth
3.6% 1.7%
(2011, WB)
GINI index:
31%
24%
ROK´s growing faster
(OECD)
less inequality in HUN
(CIA factbook)
HDI index:
81.6%
89.7% (very high)
high in both countries
Korea´s wealthier, healthier, growing faster, while Hungary´s stagnating
(EU member)
manufacturing
electronics
ships & transport
chemical products
apparel & shoes
services
(agriculture)
Exports
South Korea Hungary
Imports
lack of resources (energy)
(ROK: 45%, HUN: 37% of energy is from nuclear source)
General features
heavy state involvement: 68% of the economy is "free" (32% still state-owned),
liberalization & privatization since 1990
14th largest free market economy (in nominal GDP), 12th in PPP
low income taxation (16% flat, though it used to be high 52%), high VAT: 27%, corporate taxes are low
low but progressive taxation
(income tax: 6-36%, VAT 10%)
strong preference for exporters
tough issues: tax reform, health care reform
AUSTERITY MEASURES
G-20, "Next Eleven" ("Asian Tigers")
EU-member since 2004
(but not adopted the Euro)
Downturn in the late 2000s:
economic recession (1998, 2008)
economic depression (heavy reliance on foreign direct investment -2008-2010)
recovered easily
growing population
shrinking & aging population
manufacturing
car assembly (BMW, Audi, Suzuki
chemicals & pharmaceuticals
electronics
services
agriculture (food & meat industry)
Taxation
weak support for exporters
RELIANCE ON TRADE
Trade as a % of GDP (2008) 53% 81%
(OECD Online Database)
Trade as a % of GDP (2001) 34% 71%
Major Partners
#1 Germany
#2 Austria
#3 Romania
#4 Slovakia
#5 Italy
#1 Germany
#2 Russia
#3 Austria
#4 China
#5 Slovakia
#1 China
#2 Japan
#3 US
#4 Australia
#5 Kuwait
#1 China
#2 US
#3 Japan
#4 Hong Kong
#5 Singapore
Major Partners
Key Items
machinery
manufactured goods
fuel
electricity
consumer goods
http://www.tradingeconomics.com/hungary/imports
machinery
transport goods
consumer goods
agricultural products
chemicals
(EU: 70%, OECD: 80%), 2012
Key Items
electronics
semiconductors
LCD panels, TVs
mobile phones, computers
chemicals
ships & transport items
(2011, http://www.tradingeconomics.com/south-korea/exports)
(monthly average 2011)
42.7 billion USD
machinery
electronics
fuel
steel
transport equipment
8.47 billions USD
(monthly average 2011)
9.27 billions USD
46.27 billions USD
http://en.wikipedia.org/wiki/File:Hungary_Export_Treemap.jpg
http://en.wikipedia.org/wiki/File:Korea_Export_Treemap.jpg
one more thing...
Curious data....
South Korea:
most wired nation
highest # of video game addicts
in 3 years its total GDP per capita may surpass that of Japan

Samsung, Hyundai, Daewoo became household names

high # of suicide lately, low fertility
high stress, "exam hell",
highest # hours worked per person (though now it´s officially reduced to 40hrs/week)
famous Koreans:
Ban Ki-moon (previous SG of the UN)
Jim Yong-Kim (President of World Bank)
Psy - Gangnam style has been viewed by more than 2.6 billion viewers (highest ever)
(chaebol conglomerates)
http://en.wikipedia.org/wiki/Working_time
http://www.economist.com/blogs/graphicdetail/2012/04/daily-chart-16
Hungary:
Current Account Balance:
1.95 billions USD (1.3 % of GDP), 2011
4.34 billions USD, 2011
net exporter
net exporter
Currency:
Korean Won (1,100 KWN/usd), appreciating (since 2010)
Hungarian Forint (217 HUF/USD) - appreciating in 2012
Sources: www.xe.com,
1/ 3 of Hungarians live outside of Hungary (5 million)
only less than 10% of Hungarians have Asian DNA structure ("Hungarian blood")
Hungary - one of the oldest kingdoms in Europe was bigger than France in 1000
famous Hungarian inventions/discoveries:




13 Hungarians received a Nobel prize, more than Japan, China, India
only 5 countries have more Summer Olympic gold medals (US, USSR, UK, France, Italy)
Famous people:

George Soros (financier)
Judit Polgar (chess Grand Master)
Houdini
matches, ball pen, cathode ray-tube, collaboration on the Hydrogen-bomb, BASIC - computer language, father of computer progmamming (John von Neumann), vitamine C (paprika), Rubik´s cube, krypthon electric bulb, prezi
Thank you!

Cross- Cultural Comparison
1) Hofstede Dimensions:
Korea:
more collectivist society, less competitive among individuals, very long term oriented
https://geert-hofstede.com/hungary.html
much more individualistic, more competitive and success-oriented, less long term oriented
Hungary:
Common:
both are not so indulging, and dislike uncertainty and ambiguity (less tolerant society)
2) Lewis Model:
reactive, courteous, kind and good listener, non-expressive emotionally, factual, accommodating, seeks compromise, high respect for authority
Hungary:
Korea:
http://www.crossculture.com/latest-news/the-lewis-model-dimensions-of-behaviour/
emotional, expressive, talkative, can be impulsive, family & friends are very important, multi-taskers
Full transcript