Secret of South Korean Economic Miracle

Every generation needs a revolution - an entrepreneurial revolution

Having suffered from NK and China invasion South Korean was poor.  Until 1960 it was still so poor.  However after several decades  South Korean is one of the most prosperous country in Asia, having reached  1 $ trillion GDP, and with standards of living nearly equalling that of Western countries.

What were their secrets to success.  There were 3:

1.   Chaebols employed to industrialize export and grow;

2.   Education

3.   Strong work ethic  (due to the Chaebol) and country's drive to excel

Now its no longer working because competition in education and work place is so intense, many Koreans are unhappy and suicide rate is one of the highest.

 

Philippines poised to be the 24th biggest economy by 2030

Every generation needs a revolution - an entrepreneurial revolution

It is going to be up by 10 slots from current 34th?

THE Philippines is projected to become the 24th most powerful economy in the world in 2030 and further move up to 19th by 2050, overtaking Malaysia and Vietnam. Professional services firm PricewaterhouseCoopers (PWC) ranked 32 countries according to their projected gross domestic product (GDP) by purchasing power parity.

Wow, it is something to be proud of.   Other countries in Europe must envy where projected GDP growth is in the low 2s or 3s.  By why do graduates continue to be OFW.   Perhaps the reality bites that we are not at the moment.  

Our people would not want to work hard to get our country out of the rut.  They probably want instant reward by working abroad.  

What does this mean for our country?

How is your firm prepared for this development?   Will your firm be that productive in 6 years time?   Can you afford to pay the high wages then?