Saturday, October 13, 2012

South Korea named 8th best country in Business Environment

The business environment in South Korea is more favorable than those in the US, Germany, and Japan, showed a report.

Korea ranked eighth in terms of the Global Dynamism Index, according to a report published Wednesday by the US-based consulting firm Grant Thornton International, which surveyed business environments of 50 major countries worldwide. Singapore topped the list, followed by Finland, Sweden, Israel, Austria, Australia, Switzerland, Korea, Germany, and the US. Taiwan and China are placed at 13th and 20th, each, and Japan ranked 26th. The Global Dynamism Index is calculated by weighting 22 indexes in five categories including business operating environment, economics & growth, science & technology, labor & human capital and financing environment. Korea reaped high scores in science & technology (fourth) and labor & human capital (sixth).

In the labor & human capital category, Korea was highly appreciated for its low unemployment rate (3.4 percent) and the high school life expectancy. However, Korea failed to enter the top 10 in business operating environment, economics & growth, and financing environment.

Meanwhile, the US-based magazine Foreign Policy (FP) also positively evaluated performances of the Korean economy in its article titled ‘Who won the recession?’

“South Korea was the first wealthy country to emerge from recession in 2009, and household income has grown for the last 11 quarters,” said the FP, adding that “Korea still faces economic challenges - domestic consumption has been low, and Korean households are among the world`s most debt-laden.”


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