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Social and Economic Mobility
Social and economic mobility in a developing country becomes possible by examining the socio-economic inequalities that exist within a country due to the improved mobility of other social classes. This is a noticeable issue in South Korea amid the COVID-19 pandemic. The loss of revenue due to forced closures out of precaution and safety has impacted South Korea’s entrepreneurial workforce. Business owners who share the same sentiment have expressed that their government has been short on loans to cover business expenses. They also mentioned their preference toward establishing a tax cut. Additionally, the resulting dependence on technology for social-distancing purposes has further divided social classes and vulnerable groups like the elderly in South Korea. Fortunately, increased investment and trade have strengthened South Korea’s social and economic mobility amid COVID-19.

Elderly and Technological Advancements

One of the main issues in socio-economic inequalities is the wealth gap, which the pandemic has exacerbated. There are individuals who have been able to maintain a steady income while working from home. However, others have had to sell their assets to repay loans in order to keep their businesses thriving. The prospect of job security is low since workplaces have frequently turned workers away from their work, causing a hindrance in receiving income.

The pandemic has particularly impacted the elderly due to the shift in technology to follow the no-contact rule of the social guidelines. A 61-year-old experienced a QR code for the first time at a bakery, not knowing what it represented or how it became the new “normal” in facilitating a transaction in a business.

Future Economical Advancements

The new issues that have surfaced because of the pandemic have opened a potential source of income. This source boosted the South Korean economy in regard to social and economic mobility. The job market in South Korea is focusing on advanced technological fields, specifically working on the future of the car industry, as well as the low-carbon emission industry.

According to the 2020 GDP forecast, South Korea is less likely to take an economic hit compared to other countries. This is great news, specifically for the industries focused on bringing in revenue for the country.

North and South Korea Inter-Economy

Social and economic mobility is prevalent with the help of companies such as KPMG International. Recently, an investment guide has emerged to help with the economic cooperation of both North and South Korea. It aims to bring in more job opportunities to both countries and provide South Korea with information on the investment environment in North Korea. The president of South Korea mentioned that revenue would expand by combining both North and South Korea through “trade and infrastructure links.”

South Korea’s Trade Business

South Korea’s revenue will increase due to the new trading shift. The country also experienced an economic boom with the help of its exports and manufacturing activities. South Korea’s exports have grown by 4% in 2020 because of the high demand for technology. Exports are significant to South Korea’s economy, especially with strict lockdowns during the pandemic to help control the virus. With the increased investment plans and trade, hope exists that South Korea can continue to diminish socio-economic inequalities amid COVID-19, helping to advance its social and economic mobility efforts.

Amanda Ortiz
Photo: Flickr

Poverty in Uzbekistan

Poverty in Uzbekistan is dropping. Though rarely seen making headlines, the country of Uzbekistan has seen sustained growth over the past several years. If trends continue, the country is expected to be on its way towards becoming a successful, developed country free from extreme poverty in the near future. Below are ten facts about poverty in Uzbekistan and the progress to alleviate it.

10 Facts About Poverty in Uzbekistan

  1. In a population of just over 31 million, 13.7% live below the poverty line. This is down from nearly 30% in 2001.
  2. While Uzbekistan has experienced increased urbanization in recent years, 75% of those living in extreme poverty in Uzbekistan still live in rural areas.
  3. Child health remains a hurdle to overcome, with 34 out of every 1,000 babies dying before their first birthday. In comparison, only six babies die in the first year of life on average in the U.S.
  4. Poverty in Uzbekistan is contradicted by the overall economic growth of over 8% in the past five years.
  5. In 2011, The World Bank reclassified Uzbekistan from a low-income country to a lower-middle income country. This indicates the country is making sustained progress toward development.
  6. Between 2001 and 2013, real wages doubled as job prospects improved.
  7. Education, often a prerequisite for growth and poverty reduction, has risen to 99.8% as of 2013.
  8. Foreign trade has quadrupled in the past 15 years, helping to improve household incomes across the country.
  9. Recent investment through The World Bank has provided more than 60,000 farmers with training in improved crop protection and pest control. This has allowed farmers to improve their crop yield, thereby increasing their income and reducing poverty.
  10. To further reduce poverty in Uzbekistan and improve living conditions, the country has set a goal of becoming an industrialized, upper-middle income country by 2030.

With steady growth and economic improvements, Uzbekistan has positioned itself to become a successful, developed nation in the near future. As these improvements continue, poverty in Uzbekistan is anticipated to decline and living standards should significantly improve across the country.

Sara Christensen

Photo: Flickr