The widening income gap between South and North Korea continues. One of the prime reasons as to why I viewed the Sunshine Policy to be ideologically bankrupt was the widening income gap between North and South Korea even as proponents of the Sunshine Policy stated the policy would prepare the two states for unification by closing the income gap.
Note that the statistics for the size of South Korea's economy as reported in the article/blog posting are in nominal terms as procured by exchange rates. Considering South Korea to have been the second worst performing currency in the globe in 2008 after the disaster that Iceland faced, the wealth gap has grown to actually be much greater between South and North Korea.The article reports South Korea's GDP to have been 837 billion dollaars in 2009, whereas in nominal rates
CIA World Factbook:
$832.5 billion (2009 est.)
Arirang News via North Korean Economy Watch:
The income disparity between South and North Korea has widened by close to 40 times.According to figures released by Statistics Korea on Wednesday South Korea’s Gross National Income reached 837 billion US dollars in 2009 about 37 times more than North Korea’s 22 billion dollars.South Korea’s GNI per person posted 17,175 US dollars roughly 18 times more than North Korea’s 960 dollars while in annual trade the South saw 686 billion dollars in 2009 which is 202 times larger than the North’s 3 billion dollars.As for economic growth that year the South saw a [0.2%] expansion in the wake of the global financial crisis whereas the North posted a contraction of 0.9.Economists say such figures show that it is almost impossible for North Korea to catch up with South Korea anytime soon.An official with the finance ministry in Seoul says South Korea’s overall economic strength is about 40 times that of the communist regime adding that such power provides the foundation for South Korea to stay ahead of North Korea in every field including defense.
Read the full story here:
Income Gap Between South and North Korea Records 37 Times Differences in 2009