Wednesday, 3 April 2013

South Korea's Growing GDP Intrigues Igor Purlantov

Igor Purlantov is one of many people interested in the global economy. Ignoring the boom of China, Japan has historically been the country with the largest GDP and purchasing power parity (PPP). Igor Purlantov is intrigued that South Korea is now on track to overtake the title of richest Asian country when measured by GDP and PPP. 

Igor Purlantov explains that while China has the largest economy, Japan has long been the richest country. That will be overtaken by South Korea. Igor Purlantov knows Japan's rich economy was built by its quick industrialization in the 20th century. While multiple Asian countries like Singapore, South Korea, Hong Kong, Taiwan, and China have been quick to catch up, Igor Purlantov knows it is South Korea what will replace Japan in terms of GDP and PPP.  

Igor Purlantov is confident in South Koreas growth based on using GDP and PPP as a gauge of the economy. The idea of a rich country is based off of the cost of living in each country and adjust their ratings accordingly. After looking at the economic numbers though, Igor Purlantov sees that almost all the Asian countries are slowly on track to overtake Japan. According to Igor Purlantov, looking at the rate of South Korea's GDP growth, South Korea will surpass Japan as the riches country in Asia by 2017. 

What Igor Purlantov finds so astonishing is that in 1980, South Korea's GDP was less than one quarter of Japan's. According to Igor Purlantov, in 1980, South Korean companies like Hyundai, LG, and Samsung were unheard of outside South Korea's capital, Seoul. Igor Purlantov sees the economy as a major shift of power. Where Japan was once the powerhouse, Igor Purlantov sees South Korea as one of the largest emerging markets around the world.

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