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Lessons for energy-thirsty Kenya from South Korea economic transformation
Business Daily ^ | 06/26/2013 | Allan Odhiambo

Posted on 06/26/2013 7:10:09 PM PDT by TexGrill

Some 61 years ago, South Korea was an economic wasteland after a devastating war with its neighbour, North Korea.

Today, it is not only among the world’s largest economies, but also the home of prominent global corporations such as Samsung, Hyundai and LG, whose products dot nearly every home.

An aggressive export-oriented economic transformation after the devastating war has seen South Korea’s per capita gross domestic product (GDP) grow 289 times, from about $82 in 1960 to $23,679 in 2012.

Kenya, with a present GDP per capita of about $900 as estimated by the World Bank, was among nations that financed the rebuilding of South Korea with a $10,000 loan in 1963 that was repaid three years later. Kenya also donated relief food to Korea to assist its starving population.

So what has driven this wonderful transformation that leaves other nations envious?

“Korea has done wonders in one generation rising from the bottom to the top. Our policy in Korea is one of a creative economy and that has helped us generate more value,” says Kun Mo-Chung, a leading technocrat in South Korea and an advisor with the Kenyan National Economic and Social Council (NESC).

Analysts say a focus on reliable energy supplies has helped buttress Korea’s meteoritic rise into an economic power house.

(Excerpt) Read more at ...

TOPICS: Business/Economy; Foreign Affairs; News/Current Events
KEYWORDS: southkoreaeconomy
South Korea's reliance on alternative energy resources had proven disastrous. This summer most shops, offices and factories in Seoul are forbidden to turn on the A/C to prevent massive power shortages.
1 posted on 06/26/2013 7:10:09 PM PDT by TexGrill
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To: TexGrill

SK has a state monopoly. so of course its a mess.

2 posted on 06/26/2013 7:14:14 PM PDT by GeronL
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To: TexGrill

Average IQ in South Korea: 106
Average IQ in Kenya: 71

3 posted on 06/26/2013 7:29:37 PM PDT by Born to Conserve
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To: Born to Conserve

IQ test mean nothing in a third world country.

4 posted on 06/26/2013 7:49:02 PM PDT by BBell (And Now for Something Completely Different)
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