Thursday, August 03, 2006

Are we there yet?

One of the things I am constantly fascinated and bothered with in Korea is the high-tech hype (internet, cell phones, etc.) combined with the attitude that Korea is a third world outpost. The Korea Chamber of Commerce and Industry interviewed 500 people and most agreed that 10 years from now Korea will be a developed economy. 

Curious to me, as always, is how they measure it. Apparently KCCI says that people say Korea will reach a US$30K a year in per capita GDP and therefore become developed. The 30K level is used since that is more rarified air of the Japan and the western world. Is it just me or is it with such a survey that Korea will remain a developing country will be a self-fulfilling prophecy? By the time 2016 rolls around the others will be well beyond 30K based on inflation alone. I am quite willing to bet that 10 years from now KCCI will do another survey to find that most Koreans feel they will be developed by 2026.


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