Country Explain | A Brief about Country's Economy | Comparative Analysis of Countries

 No Country Can Really Develop Unless It's Citizens Are Educated

Hello friends, recently you must have heard that per capita GDP of Bangladesh has become more than per capita GDP of India. So today we will talk on this topic but first we need to know some information about Bangladesh and India so that comparison can be done easily.

About Bangladesh: 

Bangladesh has a population of 16 crore and it comes in 6th number in the whole world, the area of Bangladesh is 1,48,460 square  kilometre and it comes at 192nd number all over the world. 

GDP (PPP): $864,883 billion which comes at 30th rank in the world

GDP (Nominal): $317,768 billion which comes at 40th in the world.

Per Capita Income (PPP): $5,139 which comes 135th in the world.

Per Capita Income (Nominal): $1,888 which comes 140th in the world

Gini Coefficient: 32.4 which comes in the medium range.

Human Development Index (HDI): 0.164 which comes under medium range.

Textile manufacturing is the main contributor to GDP in Bangladesh, it comes on 2nd position in textile export after China.

About India:

India's area is 32,87,263 square kilometre and it is the 7th largest in the world, India's population is 135 crore which is 2nd largest in the world.

GDP (PPP): $12.36 trillion which is 3rd in the world.

GDP (Nominal): $3.2 trillion which is 5th in the world.

Per Capita Income (Total PPP GDP/ total Pollution)

GDP (PPP): $7,680

GDP (Nominal): $2,171 which is 139th in the world.

Human Development Index (HDI): 0.647 which comes under medium range and 129th in the world.

Gini Coefficient: 35.2 which is 95th in the world.

The IMF has said in its fiscal year 2020 forecast report that per capita GDP in 2020 will be something like this:

Bangladesh: $1,890

India: $1888 

China: $10,840

But this growth of Bangladesh is just temporary and in the next year India will come forward again, it has happened before in the 1990s. But if we talk about 5 years ago, Bangladesh's per capita GDP was 25% less than India. 

IMF also forecasts its overall GDP growth for the year 2020-21.

India: -10.3%

Bangladesh: +3.8%

Bangladesh is among the 3 South Asian countries whose GDP growth will remain positive this year, the remaining 2 are China and Myanmar.

Thank you for reading this article hope you like it and get some information, you can also comment what do you like and what you don't for suggestions. You can follow our blog for the notifications of many new interesting blogs. And you can also watch our YouTube video that we made on this topic in Hindi Language. Keep Loving & Keep Supporting.

Country Explain | A Brief About Country History, Country Development, Country Economy

"Education is the passport to the future, for tomorrow belongs to those who prepare for it today"   ~ Malcolm X

 

Today we are going to know about the story of South Korea who becomes a developed nation from the underdeveloped country. To know about this first of all we have to know about South Korea's History.

Modern History:

From 1910 to 1945 Korea was a colony of Japanese empire. During the Japan colonialism 8 companies were formed that have become very big today like LG, Mitsubishi and many more.Those companies were started because there was a lot of foreign trade at that time and Japan traded heavily through Korea. The majority of rich people in Korea were Japanese. 

Japan also attacked all the islands in the pacific region and this is the case during the World War. At that time, Japan had exploited Korea a lot economically and Korea came into the poorest areas of the world. There was also a lot of hunger. When Japan lost the World War in 1945, it surrendered that area and went back. The sub-Korean territory was divided into two parts the southern part had gone to the US and the northern to the USSR. From 1945 to 1960, the Korean war continued in the meantime, up to 25% of the properties were damaged.

Then How Was The Country Recovered?

In 1950, when the first government was formed in Korea, it brought the Farm Land Reform Act. Under the act, the government privatized all the land in Korea which was occupied by Japan and distributed it among the poor farmers. In 1963, Japan gave $800 million to Korea as an economic co-operation because it had done too much economic exploitation in Korea. Earlier in 1961, the military overthrew the their Democratic Party under the Junta rule. At that time, Korea was heavily dependent on foreign aid, due to this, Koreans started building the structure of self-supporting economy. And the first five year plan was brought our, that five year plan was focused on these things: Agriculture, Energy Industries like Electricity, Coal Mine, Transport facilities like Train, Airport, Roads and Export Payment was also taken care so that the Balance of Payment goes to surplus.

Korea focused on heavy electronic industries from 1972 to 1981, which resulted in Korea become the 11th largest economy in the world. Similarly, Korea moved from the list of very poor countries to the list of rich countries in 35 years. Korea's 30% of GDP started coming from the industry sector itself. It is also called Miracle of Han River, Korea also hosted the Olympics in 1988.

Comparison India Vs Korea 

Both South Korea and India started with the agriculture based economy. But South Korea brought structural transformation in its policies that opened up a lot of doors for foreign markets in the country. And their export-oriented policies proved to be the trump card for the Korea.

South Korea had a very good growth rate from the 1960's to early 2000's but currently India is one of the fastest growing economy in the world. As you have seen in this trend, the green trend is of South Korea and the blue one is of India. In the initial trend, South Korea is in very good growth from India. But India has been growing much better than Korea since 2000. 

If we now talk about GDP, South Korea's GDP is $1.626 trillion and it comes in the 12th rank of the world. At the same time, India's GDP is $3.2 trillion and it is ranked 5th in the world. But when we talk about per capita income then these facts becomes reversed Korea's per capita income is $31,430 and it ranks 27th in the world whereas per capita income of India is $2,171 and it is ranked 139th in the world.

Human Development Index that is HDI it s a composite mixture of health, education, life expectancy and per capita income. India has got 0.647 points in this, which comes in the medium range. On the other hand, South Korea has got 0.906 points which comes in very high range. If we talk about rankings, India is at 129th position and Korea is at 22nd position. Inequality of income is almost common in India and South Korea. According to Oxfam's report India's 1% population holds the 73% wealth of the country.

South Korea has greatly promoted the education in its country. That's why today Korea has become the territory in the world where most people are graduated. And South Korea along with Taiwan, Singapore and Hong Kong are in the list of developed countries of Asia. There has been a loss in the stock market many times and the reason is the military crisis of the North Korea. It has brought many influences in the financial market of South Korea.

Thank you for reading this article hope you like it and get some knowledge, you can also comment what do you like and what you don't for suggestion. You can subscribe our blog for the notifications of many new interesting blogs. And you can also  watch our YouTube video that we made on this topic in Hindi Language. Keep Loving & Keep Supporting.