Wednesday 16 March 2016

07:07:00
South Korea is a small country in East Asian bordered by china and Russia. It got its independence on 15 august 1948. If we compare it with Pakistan, it has significantly less population and area. The population of South Korea is approximately seven crore (70000000) and the area covered is one lac (100000) square kilometers. like Pakistan, Korea was also a colony of Japan: Korea was captured by Japan in 1905 as a result of Russian-Japan skirmish.
Pakistan is a country in South Asia and share its boundaries with China, India, Iran, Afghanistan. Pakistan got its independence on  14 august 1947 from Britishers as it was a colony of British.
The population of Pakistan is approximately 19 crore (190000000) and the area covered is 881913 square kilometers.
If we compare yearly economic conditions of both countries, Pakistan's GDP was greater than South Korea's GDP till 1971. In 1972 South Korea was leading Pakistan and its GDP in 1972 was greater than Pakistan. From 1972 onward, Korea strengthens its economy and unfortunately, Pakistan's economy remained stagnant or showed insignificant growth.
South Korea controlled its all other economic indicators as well. Its inflation rate is 0.7% which is very low compared to 7.4% inflation rate of Pakistan. The literacy rate of South Korea (98%) is greater than Pakistan(58%).
More interesting point is the urban population percentage of South Korea is 82% and Pakistan is just 37%, approximately 2 times less than South Korea. Other indicators including birth rate and fertility rates of Pakistan are greater than South Korea which shows the lack of awareness and advancement in standards of health. Life expectancy of South Korea(81 years) is significantly greater than Pakistan(61 years).
The reasons of the abrupt development of South Korean economy are the commitment of the leaders, strength of the state institutions, less corruption, impeachment of people who were involved in embezzlement and the positive policies of the government.
During the period of Park chung-hee, from 1961 to 1979, the South Korean economy attained a rapid economic growth.
It is very surprising that once upon a time, South Korea was a third poorest country in the Asia and now it is the 11th largest economy of the world. It grown its exports more than 30%, it made its heavy chemical industries and electronics markets very strong, it well assigned property rights and it change its policy towards liberalization, stabilization and renewed growth.
Pakistan has the same conditions and can follow South Korea, follow their  policies and can implement them to achieve the economic growth. Other wise it is very difficult for Pakistan to boost its economy.
Both countries gone through nationalization process. Pakistan under ZA Bhutto regime nationalized many private industries in 1972. He also nationalized banks in 1974. Same thing happened in South Korea. When Park chung-hee control the power in 1961, he nationalized all banks and due to financial crises, again re privatization was done. These are transitional stages in any economy and Pakistan can also improve its economy. If both countries were once colonies of the colonizers, than why Pakistan can not attain a good economic growth? 

0 comments:

Post a Comment