Health, Wealth, and Happiness: Insights on South Korea's Status
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Jean Vanier Catholic High School**We aren't endorsed by this school
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BUSINESS 2O1
Subject
Economics
Date
Dec 12, 2024
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32
Uploaded by GrandPigeonMaster454
Aziz 1The World’s Healthiest, Wealthiestand Happiest Countries(South Korea)ByAhmad AzizForMs. JatoiBBB4M1-01November 8th, 2024
Aziz 2Executive SummarySouth Korea is a highly developed East Asian country known for its strong economy,rich culture, and active political scene. It is the 5th healthiest country in the world with aGDP of $1.8 trillion and a per capita GDP of $34,000 as of 2024, it’s one of the largesteconomies in the world and has bounced back well from COVID-19. The economyfocuses on technology, green energy, and advanced manufacturing, with major exportslike integrated circuits, cars, and machinery. Home to around 51.7 million people, 82.1%live in urban areas. Its mountainous terrain and temperature climate shape local life,while a lack of natural resources has led to a strong push for alternative energy,particularly solar and wind. Income inequality is a significant challenge, with thewealthiest households earning far more than the poorest. The government is working onpolicies to reduce this gap, but high living costs and tense relationships with NorthKorea keep political discussions heated. Culturally, traditions like Buddhism andConfucianism influence social and family structures. Despite its economic success,South Korea ranked 55th in the World Happiness Report in 2024, highlightingchallenges like mental health issues and job insecurity. For businesses to engage withSouth Korea understanding its economic strengths, cultural norms, and politicallandscape is essential for building solid trade relationships.
Aziz 3TABLE OF CONTENTSExecutive Summary2Health and Wellbeing4Economics10Politics18Does wealth = happiness?24Implications for Business and Trade Relations with Canada25Conclusion26Work Cited28Part A: Health and WellbeingTobacco use
Aziz 4Tobacco use remains a big health problem in South Korea, particularly for men. In 2019,tobacco was linked to the most deaths, with a total of 44,470 people (Mclaughlin andMehlman). That same year, men in South Korea had a much higher rate of Years of LifeLost (YLL) compared to women-75.9% and were above the global average, showingjust how hard this issue hits men (Mclaughlin and Mehlman). Smoking drives up maledeath rates and adds significantly to those YLLs. Tackling this problem is crucial toreducing the health risks associated with tobacco.High Blood PressureHigh Blood Pressure, also known as Hypertension, has become a growing issue inSouth Korea, mainly due to the aging population and changing lifestyles. Although bloodpressure levels and hypertension rates have mostly evened out in recent years, theytend to rise as people get older (Hyeon Chang Kim et al). By 2021, more than 12 millionpeople were living with hypertension. There are also differences in hypertension ratesbased on age and gender (Hyeon Chang Kim et al). Up to age 60, men usually havehigher rates than women. But after 70, the numbers flip, with more women affected(Hyeon Chang Kim et al). This highlights the need for tailored strategies for olderwomen. Over the past twenty years, there’s been a noticeable improvement in howpeople manage their hypertension (Hyeon Chang Kim et al). In 2021, about 74.1% wereaware of their condition, 70.3% were getting treatment, and 56.0% had it under controlover their hypertension. More patients are also using combination therapies, especiallythose with other conditions like diabetes or dyslipidemia, which reflects bettermanagement but also shows there are still gaps. While these improvements are
Aziz 5encouraging, many challenges persist (Hyeon Chang Kim et al). Younger patients oftenstruggle with treatment compliance, which is frustrating since blood pressure reductionis especially lacking in that group. South Korea needs to invest more in resources fortreatment and early intervention, particularly aimed at younger individuals (HyeonChang Kim et al).ObesityIn Asia, South Korea has one of the lowest obesity rates. Recent studies show that only5.4% of men are considered obese, which is pretty low compared to the regionalaverage of 10.3% for women and 7.5% for men (“Republic of Korea Nutrition Profile”).However, even with these low numbers, South Korea still faces some challenges whenit comes to fighting obesity, mainly because of its links to other health problems likediabetes (“Republic of Korea Nutrition Profile”). Currently, about 6.6% of adult womenand 9.7% of adult men are living with diabetes, which suggests there might be healthissues tied to their obesity levels. While these stats show that South Korea has madesome progress in tackling diet-related non-communicable diseases (NCD), there’s still along way to go (“Republic of Korea Nutrition Profile”). More public health initiativesfocusing on dietary and lifestyle changes are needed to help lower the rising rates ofobesity and related health issues (“Republic of Korea Nutrition Profile”).Mental Health & Covid-19Mental health issues during the COVID-19 pandemic in South Korea were influenced bythe public’s adaptability, government policies, and the global environment. People
Aziz 6quickly shifted from being just consumers to actively seeking long-term stability. "SouthKorean people showed proactive and swift adaptation and evolution from externalinformation," which made them want more support from the government rather thantaking care of themselves (Hong and Lim). However, there were delays in thegovernment’s responses as the pandemic evolved, and the policies they implementedwere more suited for past crises like SARS and MERS, causing frustration and distrustamong the public. "The government maintained an interaction that had a short-termeffect in responding to the pandemic whereas people started preparing to live with thelong-term impact of the pandemic" (Hong and Lim). "The different evolving paces of thegovernment and the people eventually turned out to be an interaction problem betweenthe two actors" (Hong and Lim). Ongoing quarantine measures added to the uncertaintyand confusion, creating a strong desire for normal life and mental comfort, whichpushed mental health issues off the charts. On top of that, delays in vaccine distributionwere partly due to South Korea relying on COVAX and the lack of internationalcooperation, which increased stress and eroded public confidence in how thegovernment was handling the crisis. “In the meantime, the public strongly distrusts thegovernment's policy, arguing that vaccines should be the top priority for pandemiccontrol” (Hong and Lim). The experience in South Korea highlights how essential it is forgovernments to respond quickly and effectively in a crisis to maintain trust and helpprotect mental health. It also shows that flexible policies can be beneficial, as long asimmediate health needs are met and the broader societal impacts are considered tobuild resilience. This situation emphasizes the mental health benefits that come fromtimely global cooperation, when vaccine distribution is delayed, it raises public anxiety
Aziz 7and prolongs mental health struggles.Availability of clean waterSouth Korea has done an impressive job making clean drinking water available to justabout everyone. "South Korea's clean water access for 2022 was 99.28%, a 0.07%increase from 2021", which shows further improvements in water accessibility (“SouthKorea Clean Water Access 1960-2024”). "Improved water sources include piped water,boreholes or tubewells, protected dug wells, protected springs, and packaged ordelivered water," making sure that the water is safe, easily accessible, and free fromany contamination (“South Korea Clean Water Access 1960-2024”). Over the years, thisaccess has gradually gone up, it was "99.21% in 2021," compared with "99.13% in2020," and "99.02% in 2019" (“South Korea Clean Water Access 1960-2024”). Thesesteady increases indicate that South Korea is dedicated to maintaining high waterquality and continuously improving its water infrastructure.This image shows South Korea’s clean water access over the years.Life Expectancy
Aziz 8In recent years, life expectancy in South Korea has been on the rise. "The lifeexpectancy for South Korea in 2024 stands at 83.64 years, a 0.16% increase from2023" (“South Korea Life Expectancy 1950-2024”). This shows the ongoingimprovements in healthcare, nutrition, and overall living conditions that help people livelonger. In 2023, "the life expectancy was 83.50 years," a "0.18% increase from 2022,"which had a life expectancy of "83.35 years" (“South Korea Life Expectancy1950-2024”). The United Nations anticipates that life expectancy in South Korea willcontinue to improve and follow this positive trend well into the future.This image shows the life expectancy average in South Korea from over the yearsMalnutritionSouth Korea is doing pretty well when it comes to maternal, infant, and young childnutrition (MIYCN). For instance, "2.5% of children under 5 years of age are affected,"lower than the "average for the Asia region of 21.8%" and among the lowest in the world(“Republic of Korea Nutrition Profile”). However, the country has "made no progresstoward achieving the target of reducing anemia among women of reproductive age, with
Aziz 913.5% of women aged 15 to 49 years now affected" (“Republic of Korea NutritionProfile”). The situation with low birth weight is similar, with "5.8% of infants have a lowweight at birth" (“Republic of Korea Nutrition Profile”). No data is available to show theprogress of exclusive breastfeeding and wasting targets, but current data tells us that"1.2% of children under 5 years are affected by wasting," below the average of 8.9%(“Republic of Korea Nutrition Profile”).Causes of deathSouth Korea is ranked 32nd among the richest countries in the world when you look atGDP per capita while also including purchasing power parity. In 2023, South Korea’sGDP managed to hold the position of having "USD 33,121 per capita, which is wayabove the average global position of about 13,133 USD per capita" (“Economics inSouth Korea Compared to the EU”). This shows how South Korea stands as one of themajor economies out there with a total GDP of "1.713 trillion USD for the whole country"(“Economics in South Korea Compared to the EU”). While income and prices suggestthat people are doing pretty well, living costs are higher in South Korea compared to theU.S., meaning the citizens have about "38.2 percent less" chasing power (“Economicsin South Korea Compared to the EU”).Part B: EconomicsEconomic System
Aziz 10South Korea’s economy is looking pretty stable and is growing in different areas. In2024, it gained strength thanks to "robust performances in the export and manufacturingsectors" as exports were up "11.4 percent from a year ago," particularly by gains in theIT sector, especially semiconductors (“Ministry of Economy and Finance”). While there’sa bit of recovery in domestic demand, "the pace of the recovery has varied acrosssectors," where "services production and facilities investment has gained pace, whileindustrial production, retail sales, and construction investment decreased” (“Ministry ofEconomy and Finance”). “Consumer prices have been stabilizing,” with the "ConsumerPrice Index growing by 2.0 percent from the previous year," which shows that inflation isunder control (“Ministry of Economy and Finance”). The South Korean government isfocusing on policies to "ensure price stability, provide customized support for smallbusiness owners, and shore up domestic demand" as part of their “Dynamic EconomyRoadmap” (“Ministry of Economy and Finance”). This is all aimed at improving thecitizen’s quality of life and ensuring long-term economic stability. These developmentsare influenced by ongoing trade dynamics, changes in monetary policies, and thegeopolitical uncertainties affecting South Korea’s economic outlook.
Aziz 11Due to South Korea’s economic complexity, they’re moving from the 24th to the 4thposition in the ECI rank.GDP & GDP Per CapitaSouth Korea’s economy is holding strong and competitive, with per capita GDP "sittingat an impressive $34,000 as of 2024" (Company). This shows that the country’s livingstandards are quite high, thanks to solid economic performance. With a total economysize of $1.8 trillion, South Korea ranks among the biggest economies globally, making itvery competitive against the world. Despite facing global challenges like COVID-19, thecountry has managed to maintain an average annual growth rate of around "2-3%"(Company). One of the key strengths of the South Korean economy is its diversesectors, which can easily adapt to shifts in global markets. It is especially prominent inareas like "technology, green energy, and advanced manufacturing" making it anattractive place for foreign investment (Company). The per capita GDP has seen someups and downs over the years, reflecting how resilient and adaptable the economy is.
Aziz 12For example, in ”2023, the GDP per capita of South Korea was $33,121," up "2.24%from the previous year, 2022," when it stood at $32,395, a partial economic bounce afterthe pandemic (“South Korea GDP per Capita 1960-2024”). This was after reaching apeak in 2021 at $31,126, which was a jump of "10.73% from 2020," standing at $31,721and then falling by "7.77% in 2022" (“South Korea GDP per Capita 1960-2024”). Thesenumbers highlight South Korea’s ability to recover from external economic challengesand showcase its ongoing economic resilience and adaptability.This image shows South Korea’s GDP per capita over the years.Years of SchoolingIn South Korea, education is super important, and it seems to pay off when it comes tojobs. For instance, it says that the "unemployment rate among 25-64 year-olds with amaster's or equivalent tertiary education degree is one of the lowest of all OECDcountries and partner economies for which data are available" (OECD). However, evenwith this strong education, "in Korea, the inactivity rate of 25-34 year-olds with abachelor's or equivalent tertiary education degree is one of the highest among countrieswith available data" (OECD). This shows that having a degree doesn’t always mean
Aziz 13everyone is fully part of the job market. Plus, there’s a big gender pay gap to thinkabout. Women in full-time jobs aged 25-64 who have at least a high school diplomaearn around 72.3% of what their male counterparts make, which is among the lowestwhen compared to other countries. While it’s great that educated people tend to havelow unemployment, the high rates of people not working and the pay differencesbetween men and women suggest there are still some issues to address in theworkforce. This points to potential areas where policies could be improved or changed.Top 3 exports of each countrySouth Korea’s biggest export is Integrated Circuits, raking at a whopping $121 billion.These chips are super important for all sorts of gadgets like smartphones andcomputers, which shows just how significant South Korea has become in thesemiconductor game. Coming in second are cars, bringing in about $6.72 billion. Majorcar makers like Hyundai and Kia are based here and they boost the export scene withtheir high-quality vehicles. Third is machinery, mechanical gadgets, and parts, whichearned around $6.3 billion. This covers all kinds of industrial and manufacturing gear,highlighting South Korea’s ability to make complex machinery for the global market.
Aziz 14This image shows South Korea’s Service Exports and Imports in 2018.PopulationSouth Korea’s current population is about 51,700,682 based on Worldometers latestdata from the United Nations. By mid-2024, it’s expected to rise a bit to around51,717,590 people. This means South Korea makes up about 0.63% of the world’s totalpopulation of 532 people per square kilometer (or 1,378 per square mile) in an area of97,230 square kilometers (37,541 square miles). A huge chunk, around 82.1% or about42.5 million people, live in urban areas. The median age is 45.1, which shows that thepopulation is getting older.
Aziz 15This image shows South Korea’s population over the years and the current amountwhich includes a yearly growth rate.GeographySouth Korea has some cool geography with its special location and different types oflandscapes. "South Korea occupies the southern part of the Korean Peninsula, whichextends from the mainland of Asia and is bordered by North Korea to the north" (Im andYu). To the west, you’ve got the Yellow Sea, the Korea Strait down south, and the Seaof Japan to the east. "This strategic location has historically made it a crossroads ofvarious cultures and a point of conflict" (Im and Yu). The country is mostly mountainous,with the Tabaek Mountains running along the east coast. "This mountain range ischaracterized by steep and rugged hills, which contributes to the country's scenic
Aziz 16beauty" (Im and Yu). Also, South Korea has a pretty nice climate with four distinctseasons that include cold winters, warm summers, mild springs, and cool autumns.ClimateAbout 15% of the land is good for farming, with the main crops being rice, barley,veggies, and fruits (Im and Yu). “The population is concentrated in the western andsouthern regions, particularly around the capital city of Seoul and its metropolitan area,which is one of the most densely populated urban areas in the world” (Im and Yu). Eventhough South Korea doesn’t have a ton of natural resources, it does have some coal,iron ore, and limestone that keep its industries running. The government is also workinghard on developing alternative energy sources like solar and wind to make the energysupply more diverse.Income Distribution/InequalityIncome inequality has become a big deal in South Korea over the past couple ofdecades, especially after the financial crisis back in 1997. As of early 2024, the gapbetween social classes is still super wide. The wealthiest 10% of households have morethan eleven times what the poorest ones do. To put it into perspective, the richestpeople are raking in around 15.4 million South Korean won a month. This just showshow persistent the economic divide in the country is.
Aziz 17CurrencySouth Korea uses the won(₩) as its official currency, which breaks down into 100 yen."As of the first quarter of 2024, it had an exchange rate of about 1,302 won per 1 USdollar" (Im and Yu). "The current value of the Canadian dollar was about 1.36 to 1 USdollar on October 31, 2024" (Im and Yu). The woman's value is pretty low compared tothe Canadian dollar, mainly because of the different economic situations and purchasingpower in these two countries.How has Covid impacted the country’s economy?COVID-19 hit South Korea’s economy hard, messing with both local spending andinternational trade. “After an unexpected 0.2% contraction in the April-June quarter,Asia's fourth-largest economy was projected to have grown a seasonally adjusted 0.5%in the third quarter, according to a median forecast from 23 economists” (Reuters). Theeconomy grew by “2.0% on an annual basis in the last quarter, down from 2.3% in theprevious quarter” (Reuters). Exports have been doing well, but weak domestic demandhas been affecting the growth this year. “Monthly exports have grown by almost 10%this year on average up to September, largely driven by semiconductor demand fromthe United States” (Reuters). Export growth has slowed recently, especially in countrieslike China, Japan, and India. Also, high borrowing costs and one of the highesthousehold debt levels in the developed world are putting pressure on localconsumption. To boost demand, the Bank of Korea (BOK) lowered its policy rate by 25basis points from a 15-year high of 3.50%. Even so, the BOK plans to stick to its currentapproach for the rest of the year and only cut rates by 50 basis points next year. Given
Aziz 18this, “amid an uneven recovery in China and slowing demand from the U.S., SouthKorea's economic growth was expected to average 2.4% this year, aligning with thecentral bank's downwardly revised forecasts” (Reuters).Part C: PoliticsCurrent ElectionThe political scene in South Korea is challenging and constantly changing. Thepresidential election in March 2022 was a big deal, especially with lots of worries aboutdemocratic values slipping and increasing divides among people. Voter turnout wasimpressively high at 77.1% showing that people care a lot, despite the challenges. Thecampaign was focused on economic worries, like rising living costs and housing prices.After the winner, Yoon Suk-yeol from the conservative People Power Party facedimmediate pressure regarding these issues. "The political climate in South Korearemains contentious, with the public divided on key issues related to foreign policy,above all, relations with North Korea and the United States" (Shin). On top of that, "thegovernment continues to grapple with public discontent related to perceived economicmismanagement and social inequality" (Shin).President-elect Yoon Suk-yeol
Aziz 19Disputes/WarOngoing disputes and tension between South Korea and North Korea have significantlyescalated, especially with all the recent accusations and military preparations. NorthKorea claims South Korea is sending drones over Pyongyang, calling it a "severepolitical and military provocation." North Korea has mobilized troops along the borderand is reportedly getting ready to destroy roads connecting the two countries. TheNorth’s state-run news agency, KCNA, stated the capital has raised tensions, labelingthem as "inflammatory rumors and rubbish." North Korea has warned of “retaliation” ifthis continues. Kim Yo Jong, the sister of North Korean leader Kim Jong Un, eventhreatened that there would be a “horrible disaster” if any South Korean drone wasspotted over the city. In response, South Korea is urging the North not to overreact,saying that "All responsibility for the recent series of developments lies with NorthKorea." Over the years. Both sides have responded in similar ways, like sendingpropaganda over the border. "Activists and defectors in South Korea have for yearsbeen sending balloons to North Korea full of material critical of Kim Jong-Un," whileNorth Korea shot back with balloon campaigns of its own, including over 1000 balloonsfull of trash sent to the South since (FP Explainers). The militarization of the border is onthe rise again, with North Korea pushing heavy weapons into the Demilitarized Zoneand bringing back guard posts. North Korean artillery units are now gearing up forpossible strikes against South Korea, claiming they need to do this because of threatsfrom South Korean drones. In a serious warning, North Korea stated that the “wholeterritory” of South Korea “might turn into piles of ashes.” Tensions are likely to keeprising as U.S. diplomacy aimed at North Korea’s nuclear program has broken down, and
Aziz 20experts think the North might escalate things further to get a better bargaining positionwith the upcoming U.S. presidential election approaches.North Korean leader Kim Jong Un.LanguageSouth Korea’s official language is Korean, which is written in Hangul (한글). Thisphonetic alphabet was created back in the 15th century by King Sejong the Great.Korean has 14 basic consonants and 10 vowels that come together to form syllables,making it pretty straightforward to learn. "Korean is also spoken in North Korea,although there are some differences in vocabulary and pronunciation between the twocountries" due to historical and political reasons for their separation (Lewis). In SouthKorea, kids usually start learning English in school, and it comes in handy in businessand tourism, especially in bigger cities. Since English is quite common, travelers areencouraged to pick up some basic Korean phrases to enhance their experience andshow respect for the local culture, Plus, the language plays a huge role in South Koreanculture, influencing everything from literature to music and everyday interactions.
Aziz 21ReligionSouth Korea has an interesting mix of old and new traditions. The main religions thereare Buddhism and Confucianism, which have a huge impact on the culture. "Buddhism,since its introduction in the 4th century, has played a major role in molding Koreansociety and beliefs" (Namgyel). There are also temples like Bulguksa and Seokguramthat show just how important it is, as they’re recognized as UNESCO World HeritageSites. "Similarly, Confucianism has played a major role in setting up Korea's culturalidentity" (Namgyel). Its teachings emphasize moral ethics, order, and respect, whichmanifest in family structures, education systems, and governments. Shamanism isanother spiritual practice in Korea, where shamans, called “mudang,” connect with thespirit world to help people with life challenges, like health issues or relationshipproblems. They often use music and dance during rituals to please the spirits. "Morerecently, Christianity greatly took influence in South Korea, where millions converted toProtestantism or Catholicism" (Namgyel).Celebrations & CultureSouth Korea has a ton of traditional holidays that reflect its rich history and culture. Oneof the big ones is “Seollal,” or the Korean Lunar New Year (Yu and Im). During this time,families come together to honor their ancestors with ceremonies called “charye” andenjoy dishes like “tteokguk,” which is rice cake soup. Another important holiday is“Chuseok,” which is the Korean version of Thanksgiving, where families gather to sharea meal, give thanks, and perform ancestral rites. Buddha’s Birthday is also a big deal,with temples throughout the country beautifully lit up with lanterns for special
Aziz 22ceremonies. Then there are festivals like “Dano” and “Hangeul Day,” which celebratethe Korean alphabet, highlighting the values of community and respect for traditions.Trade WarsSouth Korea has faced a lot of challenges from trade wars, especially with tough globalissues like sanctions against Russia. Since the country relies heavily on exports, it’spretty vulnerable to international trade disruptions. “Due to its reliance on globalmarkets, South Korea often finds itself needing to balance relationships between keytrading partners, such as the United States and China, while adhering to internationalsanctions” (Hess and Hong). The situation with the sanctions on Russia shows thisdilemma; South Korea has to comply with global measures but still needs to protect itseconomic measures. "South Korea has had to navigate a delicate trade balance inresponse to these sanctions, especially in sectors such as energy, automotive, andtechnology, where Russia is a significant consumer of South Korean goods" (Hess andHong). To deal with these challenges, South Korea is exploring new trade routes andmarkets to lessen its reliance on sanctioned countries. "This strategic adaptationunderlines South Korea's proactive measures in diversifying its trade networks" toreduce risks from geopolitical issues (Hess and Hong). Their experience with tradeconflicts shows the struggles of keeping up with international rules while also lookingout for their economic interests and maintaining strong ties with global markets.
Aziz 23This image shows Monthly Russian Import Trend (2022-2023)SanctionsSouth Korea is taking a careful approach to trade sanctions by keeping an eye on whatkinds of goods and technologies can be exported. According to the Foreign Trade Actand the Public Notice on Export and Import of Strategic Materials, companies needpermission to send out military gear, dual-use items, and tech that could be used formaking weapons. This involves getting an “export permission” for strategic items and a“situational permission” for other goods that might not be classified as strategic butcould still potentially be used to produce or hold weapons of mass destruction if there’sa risk involved. While there are a few exceptions, the Korean government usuallydoesn’t need to permit exports when it comes to certain situations. This includes stuffmeant for diplomatic missions, emergency repairs for navigation safety, or supplies forSouth Korean armed forces overseas. When it comes to banned goods, the governmentmight grant a license for their export if it’s clear they’ll be used for peaceful purposesand won’t cause any international trouble. They’ll also need to confirm that the recipient
Aziz 24can handle the goods responsibly. The whole government review process generallytakes about 15 days, but it could be extended to 2 months if there are extra technicalchecks, discussions with international groups, or more paperwork needed.Where is it on the World Happiness Report?South Korea came in at 55th in the 2024 World Happiness Report, due to a combinationof both strengths and challenges affecting the general satisfaction of life and well-being.The country has a high per capita GDP, but economic inequality and job insecurity lowerhappiness. While strong family ties are great, the lack of social support outside thefamily circle can make it feel like there’s less community around. High life expectancyhelps boost happiness ranking, but mental health issues are a big concern whichinclude stress, depression, and a high suicide rate are serious problems. Even thoughmany South Koreans experience personal freedom, that can sometimes get overlookedby the pressure from society, making people feel less free with their choices. Generosityand Charitable giving aren't as high compared to other happier countries, and publictrust is low because of perceived corruption in government and business. Thedemanding work culture and long hours hurt the work-life balance, which impactsoverall life satisfaction.Does Wealth = Happiness?South Korea’s rankings on health, wealth, and happiness show a very interesting viewof them. The country’s life expectancy is impressive, putting it among the top healthcaresystems globally, but that comes with some serious issues like high-stress levels and
Aziz 25high suicide rates. Wealth-wise South Korea has a high per capita GDP, which is a signof a strong economy but there’s another side to it. Wealth inequality and unstable jobscreate a noticeable gap in the quality of life for many people. Even with all the riches,South Korea ranks 55th in the World Happiness Report, due to a tough work culture,increased stress, and a lack of decent social support, which all hurt overall happiness.It’s clear that just having more money doesn’t mean people are happier. I can buy somecomfort, but mental health and social issues are still there. Things like inequality and thepressure to succeed can weigh people down. It’s not just about having a lot of money.True happiness comes from balancing comfort, mental well-being, and socialconnections.Implications for Business and Trade Relations with CanadaSouth Korea has a lot of potential, especially in tech, manufacturing, and green energy,which could benefit both Canada and its trading partners due to South Korea’seconomic strength. But there are some challenges to keep in mind like global tradesanctions, Russia could be brought into the equation, reliance on exports, and politicalissues, mainly with North Korea, which could impact stability and trade. For any tradingpartner, including Canada, these factors are crucial when considering trade deals orinvestments in South Korea. Knowing about the local market, social support systems,and the issues South Korea faces with inequality and mental health can help in makingsmart business choices when entering or expanding in the market. Also understandinghow sensitive South Korea is to trade disruptions and geopolitical tensions, especially in
Aziz 26balancing relations with the U.S. and China can help Canadian businesses find ways tominimize risks and seize growth opportunities.ConclusionSouth Korea is a country known for its strength and resilience, with a mix ofopportunities and challenges that shape its identity globally. It’s got reasonably goodrankings in health, wealth, and industrial output, making it a major player in the worldeconomy, particularly in technology, automotive, and green energy. However, thissuccess comes at a price. The work culture is pretty stressful and rigid, which affectspeople’s mental well-being and overall happiness. Even though the GDP is high, issueslike income inequality and job instability tell us that money doesn’t always equal a goodquality of life or happiness. From a business standpoint, South Korea presents bothexciting opportunities and potential risks. For countries like Canada, its advanced techand energy sectors make it a good partner for global innovation and sustainabilityefforts. However, there are political and economic sensitivities, especially related toNorth Korea, trade ties, and relations with major allies like the U.S. and China, whichcan complicate things for long-term partnerships. Overall, South Korea’s story is full ofpromise but is balanced by significant social and geopolitical challenges. Understandingthese dynamics is crucial for foreign partners and investors, including those fromCanada. Succeeding in the South Korean market isn’t just about recognizing itseconomic strengths; it also requires navigating the cultural and political landscapewhere mental health, inequality, and international relations are very important. The roadto a sustainable future for this constantly evolving country involves blending economic
Aziz 27growth with social welfare, offering valuable lessons on what true national prosperitylooks like.
Aziz 28Work Cited:Company, Muser. “South Korea Economic Snapshot 2024.”Muser Company뮤제컴퍼니, 18 Oct. 2024, muser-company.com/countryprofile/.“Economics in South Korea Compared to the EU.”Worlddata.info,www.worlddata.info/asia/south-korea/economy.php.FP Explainers. “Game of Drones: What’s the Latest Dispute between North Korea andSouth Korea?”Firstpost, 14 Oct. 2024,www.firstpost.com/explainers/game-of-drones-whats-the-latest-dispute-between-north-korea-and-south-korea-13825309.html.Hess, Maximilian, and Taehwa Hong. “Seoul Searching: Lessons from South Korea’sExperience with Sanctions against Russia - Foreign Policy Research Institute.”Www.fpri.org,www.fpri.org/article/2023/12/seoul-searching-lessons-from-south-koreas-experience-with-sanctions-against-russia/.Hong, Seung Yeun, and Ji Hye Lim. “Why Is Success of South Korea’s Covid-19Response Fading?”International Journal of Social Determinants of Health andHealth Services, Mar. 2023, p. 275519382311651,https://doi.org/10.1177/27551938231165154.Hyeon Chang Kim, et al. “Korea Hypertension Fact Sheet 2023: Analysis of NationwidePopulation-Based Data with a Particular Focus on Hypertension in SpecialPopulations.”Clinical Hypertension, vol. 30, no. 1, BioMed Central, Mar. 2024,https://doi.org/10.1186/s40885-024-00262-z.
Aziz 29Im, Hyug-Baeg, and Woo Yu. “South Korea - Plant and Animal Life.”EncyclopædiaBritannica, 7 Mar. 2019,www.britannica.com/place/South-Korea/Plant-and-animal-life.Kim, Jeena, et al. “At a Glance: Trade Sanctions in South Korea.”Lexology, Bae Kim &Lee LLC, 8 Apr. 2022,www.lexology.com/library/detail.aspx?g=87a714c1-1c70-45e8-bc75-04224d0bc042.Lewis, Andrew. “South Korean Culture and Traditions: What to Know before You Go -Entriva.”Entriva, 5 Oct. 2023,www.entriva.com/en/blog/korean-tradition-culture/#south-korea-languages-and-greetings.Mclaughlin, Susan, and Max Mehlman. “Population Health Outcomes in South Korea1990–2019, and Projections up to 2040 | the Institute for Health Metrics andEvaluation.”Www.healthdata.org, 27 July 2023,www.healthdata.org/research-analysis/library/population-health-outcomes-south-korea-1990-2019-and-projections-2040.“Ministry of Economy and Finance.”English.moef.go.kr,english.moef.go.kr/pu/selectTbPublicDtl.do?boardCd=P0002&seq.Namgyel, Ricksel. “A Beginner’s Guide to South Korean Culture and Customs.”IVisitKorea, 13 Oct. 2023,www.ivisitkorea.com/a-beginners-guide-to-south-korean-culture-and-customs/.
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