Political situation
In 1894, Korea was already talking about a modern constitution. That same year, 14 articles of Hongbeom were promulgated, containing themes similar to those found in today's Constitution. Officially promulgated on July 17, 1948, it is still in force today. Comprising 130 articles, it aims to maintain national sovereignty, liberal democracy, social security for its citizens and their well-being, and international pacifism. According to this Constitution, the Korean people are sovereign and can therefore elect their national representatives. They all have the same rights (regardless of sex, age, etc.), as well as freedom of religion and thought. They have the same rights to work, to strike and to own property.
The Korean National Assembly is a unicameral (single-chamber) legislature. Its members are elected for a 4-year term, and two-thirds of them represent a particular district. The remaining seats are distributed proportionally among political parties with more than 5 elected members. They must serve the national interest and therefore have the power to refuse a minister, approve, reject or ratify a law. The National Assembly will also have the right to scrutinize and pass judgment on the President's actions. It is truly at the top of the decision-making ladder in the country.
South Korea's current political system is a presidential one. This has been the case since its creation in 1948, except during the Second Republic (1960-1961), when the country depended on a parliamentary system.
At present, there are two main parties in the Korean political landscape: the Conservative Party and the Center-Left Party, in other words, the Democratic Party. The Communist Party is banned under the National Security Law. Given relations with our northern neighbors, it's easy to see why.
The Head of State is directly elected for a 5-year term, which cannot be renewed. As explained in article 66-1 of the Constitution, the President must be the head of his State and represent it in dealings with other countries. He also assumes the role of executive power. The President is responsible for maintaining the unity and independence of his nation. He shapes his government and chooses his ministers. He is also the head of the armed forces and has the right of pardon.
Since the election of Yoon Suk Yeol as President of South Korea in 2022, the country's political situation has undergone significant change. As a representative of the Conservative Party, Yoon Suk Yeol promised to implement policies aimed at strengthening the economy, fighting corruption and promoting national security. His election marks a change in the country's political direction, with a renewed emphasis on conservative values and security. His tenure has not been without controversy, including heightened tensions with North Korea and domestic debates on issues such as human rights and freedom of expression. As Yoon Suk Yeol's government seeks to implement its political agenda, South Korea's future remains subject to evolving regional relations and domestic challenges. After the COVID-19 pandemic, which severely affected the most vulnerable, Korea slowly returned to normal social and political life. Nevertheless, the events of October 29, 2022, when 153 people died in a mob disturbance during Halloween festivities in the Itaewon district, left a lasting impression. This tragic event shocked the nation and prompted calls for tighter security measures at large gatherings.
Social situation
Koreans are hard-working people. Nearly 25 million people are economically involved. But following the Asian financial crisis of 1997, companies had to drastically reduce their hiring rates. As a result, Koreans today find it very difficult to find stable employment. At the same time, part-time jobs are on the rise, offering no long-term financial security. Unfortunately, the state doesn't offer much in the way of solutions, so Koreans have to turn to family and friends for help. The social system relating to work still requires, as they are aware, a few points of improvement. There is, however, a monetary public service that supports the most disadvantaged and takes care of their basic needs, such as medical expenses. The rest of the population is automatically enrolled in the National Health Insurance (NHI) scheme, which generally covers around 60-70% of medical expenses. Each household spends an average of 127,510 won per month on NHI. This insurance also includes a pension for the elderly, as well as assistance in the event of maternity.
Socio-economic challenges worsened after the pandemic, with rising unemployment and inequality. Mental health in particular has been affected, especially among the young and elderly, while online education has posed accessibility challenges. Despite this, solidarity initiatives have emerged to support vulnerable populations and strengthen South Korea's social fabric. In addition, social issues such as gender equality, mental health awareness and the rights of LGBTQ+ people received increased attention and activism.
Economic situation
After suffering extreme poverty in the aftermath of the war, South Korea has seen its economy soar, thanks in no small part to major aid from the USA. It also managed to overcome the Asian financial crisis of 1997, as well as the global financial crisis of 2008.
In 2023, its GDP will rank 13th in the world, ahead of Mexico and Spain, and the country will be one of the four "Asian Dragons". The government has favored the export tactic. As a result, South Korea now ranks among the world's leaders in three areas. The first is, unsurprisingly, consumer electronics, led by the behemoths Samsung and LG. The second is car manufacturing, exemplified by the Hyundai Motor Group (including Kia Motors), which has become one of the top five carmakers in the world. The third of Korea's core businesses is steelmaking. South Korea is also the world's leading shipbuilder, accounting for no less than 40% of global orders.
In recent years, South Korea's economic situation has been marked by robust growth, fuelled by key sectors such as technology, automobiles and manufacturing. Despite challenges such as global trade tensions and the COVID-19 pandemic, the South Korean economy has demonstrated its resilience thanks to stimulating government policies and massive investment in research and development. However, persistent problems such as economic inequality and youth unemployment remain major concerns for the country. Despite these challenges, South Korea continues to position itself as one of the most dynamic and innovative economies in the Asian region.
There is one major component of the Korean economy: the chaebols. Simply put, these are conglomerates of companies with cross-shareholdings (and often the backing of senior government officials). Mostly over-indebted, they can only survive thanks to the support of the national banking system.
From a strictly internal point of view, household consumption is changing. As disposable income has risen and living conditions have improved, South Koreans have been spending more on a variety of items, including fast-moving consumer goods, leisure, travel and technology. The strong presence of major national companies such as Samsung, Hyundai and LG, offering a diverse range of products and services, has also boosted domestic demand. However, despite this upward trend, household consumption was affected by factors such as high levels of household debt, economic uncertainties and demographic changes, such as an aging population. The South Korean government has introduced various measures to stimulate consumption, including fiscal policies to support household purchasing power and encourage domestic spending.
Place of tourism
Over the past fifteen years, tourism has begun to make its mark on the Korean economic landscape. Once sandwiched between Japan and China, South Korea has seen an incredible improvement in this flourishing sector. This is largely due to the flamboyant success of the Korean Wave (exporting Korean culture around the world: k-pop, dramas, k-beauty). Another important factor in this development is the competitiveness of prices, particularly for hotels. A week in Paris and a week in Seoul will certainly not require the same budget, even if the service is similar. Domestic tourism is the most active, as Koreans benefit from a highly efficient transport network that serves every corner of the country. This means they can travel to their heart's content quite often.
The Covid pandemic has obviously shaken things up. According to data from the Korea Tourism Organization (KTO), international tourist arrivals to South Korea fell sharply in 2020: compared with 2019, the number of international tourists visiting South Korea fell by around 84%. The industry has faced considerable challenges, but is now showing signs of gradual recovery. In 2023, the situation has improved significantly compared to previous years, almost returning to normal. The South Korean government continues to implement measures to support the tourism industry, including promotional campaigns, investment in tourism infrastructure and enhanced health safety protocols, to ensure a safe and sustainable recovery for tourism in the country. South Korea therefore remains well positioned to bounce back as an attractive tourist destination!
