Finance of South Korea

[Woody Campbell]

The minimum monthly wage in South Korea is 1120 USD. South Korea has a government debt of 17.36% of the country's Gross Domestic Product (GDP), as assessed in 2014. With regard to consumer prices, the inflation rate in South Korea is 1.1%. The currency of South Korea is South Korean won. The plural form of the word South Korean won is won. The symbol used for this currency is ₩, and it is abbreviated as KRW. The South Korean won is divided into jeon; there are 100 in one won. Each year, consumers spend around $665,761 million. The ratio of consumer spending to GDP in South Korea is 0.05%, and the ratio of consumer spending to the world consumer market is 155%. The corporate tax in South Korea is set at 24.2%. Personal income tax ranges from 6% to 38%, depending on your specific situation and income level. VAT in South Korea is 10%.

Gross Domestic Product
The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in South Korea is $1,783,950 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in South Korea was last recorded at $34,866,993. PPP in South Korea is considered to be very good when compared to other countries. Very good PPP indicates that citizens in this country find it easy to purchase local goods. Local goods can include food, shleter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with very good PPP are safe locations for investments. The total Gross Domestic Product (GDP) in South Korea is 1,304,554 billion. Based on this statistic, South Korea is considered to have a large economy. Countries with large economies support a wide variety of industries and businesses, providing ample opportunities for investment. Large economies support a substantial financial sector, making it easy to organize investments and financial transactions. It should be very easy to find good opportunities for investment in South Korea. The Gross Domestic Product (GDP) per capita in South Korea was last recorded at $25,497,281. The average citizen in South Korea has very high wealth. Countries with very high wealth per capita have an extended life expectancy and very high standard of living. Highly skilled workers can be found in many industries, and labor is very expensive in these countries. Countries with very high wealth offer opportunities for safe investments, as they are often supported by a diverse and thriving financial sector. GDP Annual Growth Rate in South Korea averaged 3.5% in 2014. According to this percentage, South Korea is currently experiencing modest growth. Countries that are experiencing modest growth offer safe opportunities for investment; their expanding economy indicates that businesses, jobs, and income will expand accordingly.