Pest Analysis of South Korea

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PEST Analysis of South Korea Name: Zhe Liu Panther ID: 4918632 Major: International Business Introduction In this case of South Korea’s international business activity, I will apply the PEST tool to analysis that what kind of role the international business activity playing at the economy of South Korea. South Korea officially the Republic of Korea, is a country in East Asia, constituting the southern part of the Korean Peninsula. It comprises an estimated 50 million residents distributed over 99,392 km2 (38,375 sq mi), the capital and largest city is Seoul. The GDP of South Korea was $1,130 trillion in 2012 based on the statistical data (World Bank, 2012). From all the charts, data and information source, I believe we will draw a conclusion: whether the international business activity contributed the economic development growth of the country or not. Political Environment South Korea is a democratic state, which was founded just the day that Japanese unconditional surrender in August 15th, 1945. In 1950, the North Korea invaded the South Korea, so called the Korean War, the war last three years and involved the U.S., China, the Soviet Union, and several other nations. After decades from the Korean War, the economy of South Korea grew significantly and the country was turn into a major economy. Civilian government replaced military rule in 1987. From 1960s, the South Korea government issued some laws and regulations, for instance, < Foreign Exchange Transactions Act of South Korea> in September16, 1998 (Ministry Of Strategy and Finance of South Korea, 1998). < Export Insurance Act of Korea > in July, 1992. The government of South Korea also established a corporation called The Korea Export Insurance Corporation (KEIC) as an official export insurance agency under the Ministry of Commerce, Industry and Energy (MOCIE). Its mission

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