Tue. Sep 27th, 2022
japan and south korea economy

Japan and South Korea Economy Comparison

Intro.

Japan South Korea economy relations are based on a strong historical background. After the divide between North and South Korea, Japan established its relations with South Korea in 1965 under a treaty signed between South Korea and Japan.

japan and south korea economy comparison
japan and south korea economy comparison

After this treaty, Japan recognized the South Korean country. After the normalization of her relations, both Japan and South Korea become United States’ strong allies in this region.

South Korea and Japan not only have economic relations but also have strong defense and security relations. In the year 1975, the relationship between South Korea and Japan gradually improved through many high-level visits between both countries’ leaders. 

Trade partnership between South Korea and Japan

In the year 2002, South Korea and Japan hosted football jointly. After this, Japan and South Korea’s relations are very improved due to the football tournaments. In this scenario, people of both countries visits rise and people to people contacts are rises from the year 1996 to 2002 and onward.

The trade between South Korea and Japan is also rising. During this time period, South Korea and Japan tried to buildup trade and business relationships with other south Asian and other Asian countries.

In the year 2013, South Korea banned the import of Japan’s fish and other food products. In the year 2021, South Korea restricts trade with Japan and declares the independence of Japan’s industrial materials. The trade between Japan and South Korea is a struggle after 2021. 

Japan and South Korea disputes

The major dispute between South Korea and Japan is the sea of Japan. Japan claims the sea between Japan and South Korea is called the sea of Japan and South Korea objects to the name of the Sea of Japan. 

South Korea claims that its sea is called the East sea but Japan resist it this sea is called the sea of Japan for 2000 years. The other issue is that Japan claims that the sea of Japan’s sea portion is claimed Japan.

On the other hand, South Korea claims that this rock’s sea area belongs to South Korea. This territorial dispute is a major source of tension between Japan and South Korea relations.

The other issue between Japan and South Korea is the forced labor of Korean during world war 2. In world war two, The Japanese army forced lifted the Korean people and forcefully make their labor and work.

Over 8 million Korean people are made slavery by the Japanese army and they use industrial labor for Japan. In the year 2019, many Koreans win the court cases and claim compansion for many Japanese companies for forced labor during world war 2.

Military relations between South Korea and Japan 

After the year 2013, South Korea and Japan sign a military and defense agreement regarding the security threats of China and North Korea.

The main point of this agreement is the military intelligence sharing between South Korea and Japan. The United States is a strong Allie of both South Korea and Japan. So this reason is making South Korea and Japan have strong military relations. 

Japan and South Korea GDP Comparison

If we talk about Japan and South Korea GDP, We Know that Japan and South Korea are both developed countries with high GDP. Japan’s GDP is approx. $5 trillion in the year 2022 and South Korea GDP is approx. $2 trillion.

If we compare both countries’ GDP we easily understand that Japan’s GDP is more high compared to South Korean GDP. If we talk about the GDP rank of both countries, we see that Japan’s GDP rank is 3rd and South Korean GDP rank is 10th.

We easily see that Japan’s GDP rank is high compared to South Korean GDP rank. If we talk about both Japanese and South Korean GDP per capita. We see that Japan’s GDP per capita is $43,000 in the year 2022 and South Korean GDP per capita is $35,000 in the year 2022.

If we compare Japan and South Korea GDP per capita, we see that Japanese GDP per capita is high compared to South Korean GDP per capita.

If we compare Japan and South Korean GDP per capita rank, we see that the Japanese GDP per capita rank is 32nd in the year 2022 and South Korea GDP per capita rank is 35th in the year 2022. The stats of GDP per capita rank of both countries shows us that GDP per capita rank is very close to both Japan and South Korea.  

Japan and South Korea economy comparison

If we compare the economy of both countries Japan and South Korea. We see that Japan’s economy is more advanced and more developed compared to the South Korean economy.

The Japanese currency is called the Japanese Yen and the South Korean currency is called the South Korean won. Japan and South Korea both economies are developed and advanced and both countries are considered high-income economies.

If we compare the population below the poverty line stats of both countries. We see that Japan’s population below the poverty line stats are 5% and the South Korean population below the poverty line stats are 14%.

These stats show us that the South Korean percentage of the population below the poverty line is high compared to Japanese poverty stats.

The Japanese unemployment rate is 5% in the year 2022 and the South Korean unemployment rate is 4%. If we compare the trade between Japan and South Korea. We see that Japanese exports are $700 billion and imports are $750 billion in the year 2022.

If we talk about South Korean trade, we see that South Korean exports are $650 billion and imports are $610 billion in the year 2022.   

Sources: Worldbank, IMF, Wikipedia, and others.

 63 total views,  1 views today

Leave a Reply

Your email address will not be published.