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The Republic of Korea is the economically developed nation with a high level of per capita income. It is the country with the world’s largest market share of shipbuilding (45%).
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Great demand for Korean goods exists in China, especially for cars. Today, the central bank of South Korea showed the weakest growth rate of the country in the last 2 years. Analysts were ready to lower economic growth, but did not expect that the slowdown will be far stronger. The dynamics of the economy reflects a decline in exports caused by the deterioration of the market because of the debt crisis in Europe. In January-March GDP fell by 0.1%. However, the Central Bank of South Korea in December predicted that by the end of 2012 the GDP will grow by 3.7%, and in 2013 - by 4.2%. For comparison, last year, GDP grew by only 3.6%. Measures were aimed at increasing the level of exports, which meant strengthening the competitiveness of goods and labor productivity. Spheres of industries were found to electronics, shipbuilding and automotive industries. The Government is encouraged to open new facilities in these sectors. Inflation in South Korea fell to a minimum of 12 years, exports - to a minimum of three years. Exports from South Korea fell to a minimum of three years - 8.8%. Last month, South Korea's central bank unexpectedly cut interest rates for the first time to encourage lending in the country. The national currency won.
Public transportation in Korea is well developed, rather good and also very cheap. Major airlines in South Korea are Korean Air and Asian Airlines. Both of them provide air services inland and abroad. Korea National Railway (KORAIL) - the only rail passenger carrier in the country. South Korea holds one of the largest ferry fleet in the world, serving the offshore islands of the country, as well as on an international voyage. Japan, China and Russia are countries linked with South Korean ferries. Korea's financial system is divided into two main sectors: government money and company money. Public money is divided into national currency and money of local governments. National money made from the state budget, 21 and 35 of the special budgets of government assets.
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The Constitution of South Korea consists of a preamble, 130 articles and supplements. It defines the Republic of Korea as a democratic presidential republic. The head of the state is the President, and there are three branches of government - executive, legislative and judicial.
The President is the head of state. In comparison with other countries, South Korean President has broad powers - it can appoint the prime minister and the heads of ministries (the consent of Parliament). The President is the commander in chief and is elected for five years by direct universal suffrage. One and the same person may be elected to the presidency only once, with no right of re-election for another term. The government of South Korea submits to the President who appoints the prime minister and ministers, after consultation with Parliament. The government consists of the ministries and departments. Legislative power is vested in Parliament - the National Assembly. It consists of 299 members elected for four years. The judicial power is vested in the Supreme Court, whose members are appointed by the President (head of the Supreme Court is appointed by the Parliament). South Korea's Constitution is a democratic state to provide civil rights and public liberties. Citizens can not be punished, forced to work, except as provided by law. Arrested and detained, as well as members of their families have the right to know the reason for the detention. However, human rights also present a few amendments to the Constitution and other laws, such as the National Security Act, which is intended to limit human rights in some exceptional cases. National Foundation Day is celebrated on the 3rd of October. The anti-corruption campaign engages the special state commission, composed of representatives of several departments. The representative of the Prime Minister of South Korea said that special attention is paid to those who received money or gifts from third parties or made foreign trips for others. Those who spent more than the vacation time, did not appear at work without good reason or exceeded standards expenditure budget are severely punished.
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