South Korean Presidency and Economic Development - Essay Example

South Korean Presidency and Economic Development

In the 21st century, global advancement is taking place at an alarming rate as a result of globalization being experienced across the board. Governments are trying hard to achieve economic growth and secure a place in the competitive nature of development that is taking place today. Majority of the countries have come strategic development plans which aim at ensuring that the states are geared towards achieving a sustainable development which is equitable and benefits the general public in numerous ways. Apart from the government agencies being established, there are also non-governmental bodies which are formed and who play a critical role in the development of the countries. Both governmental and non-governmental agencies are established to ensure that all the issues that need to be addressed to achieve economic development are achieved through ensuring that the government or the leaders act a ladder which is used to reach the expected levels as it can be compared to other nations. Being elected as the 20th president of South Korea call for actions that can help the country achieve development goals and be placed on a global map which defines the levels of economic development. One of the aspects of economic development is the real estate and infrastructural development particularly in the housing sector. In this piece of work, the concentration will be on actions that will be taken as the 20th president of South Korea towards achieving the economic development and particularly in the housing sector where the citizens will be given a chance to trade in the sector.

From the research that was conducted by Lee Jong Wha who is a director in the Asiatic research institute at Korea University, South Korea has been termed as one of the developing countries, and the trend has been seen to advance between 2010 and 2015. The trend has been characterized by a remarkable economic growth which in its way makes the country be categorized in the most productive countries. From this tremendous advancement in the trade, South Korea has been ranked as the eighth largest trading country that has been in a position to raise an income per capita of about $26000. Though initially, the country had experienced a high GDP growth of about 8.1% between 1995 and 2005, there has been a tendency of gradual dropping, and this has affected the economy negatively. As at 2015, the GDP was off about 3.6% which is an indication that that, in the long run, the country may end up going down further if action is not taken to control the nature of the economy. On the other hand, there have been numerous developed projects that are being launched, the trend seems to persist, and it can be attributed to various factors such as the governments that had been in power. The governments have failed in ensuring that investors are given a chance to contribute to the economy which is a failure to the economy. OECD projects have not been given enough attention as there has been ignored and as a result, the country is projected to earn about 2.5% of the GDP in the next one decade. This is not something to smile about, and immediate actions should be taken to ensure that it regains its position in the global mapping.

One of the issues that have been affecting the economic development in South Korea is the financial crisis that is experienced time after time which makes the country undergo through an inflation rate that is unfriendly to the investors. For instance, between 2008 and 2009, South Korea underwent an inflation rate that chased away the investors in return did not even give a chance to new businesses being introduced into the nation. Majority of the investors who could be involved in export market found it difficult to continue, and this made the country lose millions of dollars. The small-scale businesses which contributed significantly to the economy could no longer make profits, and in return, the remaining option was to close down and have a look at the economy to see if this could change. The consumer and the production index of the country gradually went down which could not favor the economic advancements as per the expectation of the traders. Regularly, when a country experiences a financial crisis, the option is usually taking a risk in other countries where there are high chances of increasing the levels of profit. This was not different in South Korea as traders opted to cross the borders into the countries where there seemed to be more favorable for their businesses. The neighboring countries continued to flourish since new sources of income had been achieved. Production plants were shifted in the neighboring countries, and South Korea could only export materials in their raw nature which do not contribute a significant amount of revenue to the Government.

Therefore, being the president of a nation, it calls for measures to be put in place to ensure that the economic development is fostered and all citizens are given priority to advance their ways of production capabilities as this is the only strategy towards achieving financial freedom. One of the measures that can be put in place is ensuring that there are policies that have been introduced in the country to ensure that majority business and the OECD projects are favored, and the challenges facing them are addressed accordingly. When the financial capability of the small-scale South Koreans has been addressed as well as their interests considered, there is a likelihood that more investors will be attracted. The attraction of the investors leads to should be viewed from the perspective that they can affect the country negatively as well as positively. Due to these reasons, it should be made that whenever an issue is raised, there should be immediate action was taken and the investors assured that their businesses are protected not in the short run but also in the long run. Policies that support local manufacturing should be given an upper hand to ensure that the country does not export materials in their raw state but in a processed state to ensure that high revenues flood the country.

When the materials are manufactured locally, the majority of the citizens will be employed in one way or another which implies that they will be in a position to cater for their basic needs. When the populace of a country is in a position to meet the basic needs, the government will be less stretched, and the majority of the resources will move towards the building of the economy. Also, the consumer products will have a market which is an indication majority of the products will be sold, and the law of demand and supply will eventually take the course. The high demand will translate to a massive number of investors getting in the business which translates to high levels of revenue to being channeled to the economy. Also, when the economy is flourishing, there are high chances that innovation levels will rise when trying to meet the demands as well as providing a solution to the existing problems in the country.

Also, to enhance economic development, there is need to intensify in the security of the country. The president is mandated to ensure that all security organs coordinate properly and protection of human rights, as well as their resources, are met. Majority of the businesses are security sensitive and can only take place in a country where security has been beefed up. When a country is flooded with regular criminal attacks the business fraternity and the investors from the outside, the country fear to invest in the country since they are not in a position to achieve their goals. Every individual should be assured that there is enough security in the country and protection of the rights to property ownership is respected by all means. South Korea sits between nations that regularly experience militia attacks, and they should take advantage of this since the majority of foreigners will seek refuge in the country. With the increased population, new markets are opened, and the locals can be in a position to sell their products to cater to the demands. This, in the long run, heightens the employment levels and the economic stability of the area. Many at times, those who are capable of moving from one country to another are financially stable, and they spend their finances in the catering of basic needs.

As a president, it is essential to ensure that technology that is used in the production meets the global standards in that the services and the products produced meet the competitive threshold that is put in other countries. Technological incorporation in the economy does entail not only the use of computers but also the infrastructural designs and implementation in the country. Mostly, technological advancement is arrived at through provision of education to the general public. Through training, research institutes can be established, and the levels of innovation can move up. With high levels of innovation, the population is in a position to come up with new ways of production that are cost-effective, and this results in high levels of profits from the investments. Also, globalization will be easily achieved which means that there is diversification in the way of doing things in the country. With globalization and interaction to with individuals from other parts of the globe, both the government and the citizens can improve their levels of creativity which means that sharing of ideas will be achieved.

Therefore, actions that will be taken by the 20th president of South Korea towards achieving the economic development and particularly in the housing sector where the citizens will be given a chance to trade in the sector will contribute positively to the economy improving on the GDP and per capita income. Therefore, being the president of a nation, it calls for measures to be put in place to ensure that the economic development is fostered and all citizens are given priority to advance their ways of production capabilities as this is the only strategy towards achieving financial freedom. In this case, to enhance economic development, there is need to intensify in the security of the country. The president is mandated to ensure that all security organs coordinate properly and protection of human rights, as well as their resources, are met.