January 22, 5329Statistics from the Ministry of Finance has revealed that, in the year 5328, the Kingdom of Great Bae experienced its greatest annual increase in real GDP in more than 2 decades, a whopping 8.1% increase from the last fiscal year (5327). Significant contributing factors were said to be the comprehensive Dorvish-Bae ‘HGT’ treaty, Saridinian investment in Gongmangdo’s microchip industry, increased sales in Baegukese automobiles and farming equipment throughout the West Dovanian Economic Union, the relative strengthening of the WDEU's Dovanian Circus in the world currency market, and new exports to the nation of Yingdala, which recently reopened it's borders after decades of isolationism. Yingdala, a traditional major player in the West Dovanian market, will no doubt be of considerable interest to Baegukese investors in the future. In the meantime, the new market gave Baegukese companies an opportunity to partner with Yingdalans, particularly of that nation's sizable ethnic Kyo community, to export commercial goods such as Sochu, Kochu-chang, and Insam. This relationship can only be expected to grow as time goes on.
In review, today the nation's largest sector of the economy is found in heavy industry; namely the production of automobiles, construction equipment, ships, farming equipment, and appliances such as air conditioners, followed closely by mining operations. In particular, Baeguk is known for the high quantities of jade it exports to Gao-Showan nations. Besides this jade, the 'top five' of the mining industry are its copper, zinc, lithium, quartz, and cobalt reserves; lithium and cobalt in particular now being utilized to further along the nation's continued quest towards green, self-sustained energy technologies. As such, although coal is plenty to be found in the nation's east, it is primarily used for export. Besides mining and heavy industry, Baeguk's economy is also dominated by the manufacture of common goods and light industry (most prominently textiles). As of late the nation has also begun to manufacture electronic parts
en masse, most notably microchips.
Nonetheless, it isn't all triumphs. Statistics show that wealth inequality has increased since last year, a warning sign in one of Dovani's most wealth unequal nations. Baeguk is notable for the presence of the so-called Chaebol, large family-operated conglomerates that tend to oligopolize the nation's major industries. The chaebol were born out of the post-DNWA New Economic Policy that prioritized solid and sustainable economic growth through private-public partnership corporatism, since then they have grown to dominate the economic and social landscape of the nation. Baeguk's current top chaebol are considered to be Hanulro Group, Sinsidae Corporation, Byeo Group, CMMC*, and Sanshin Heavy Manufacturing Concern. (*CMMC, or the Changuk Metal and Mineral Corporation, is technically a separate legal entity from Hanulro, but is owned by the same man, Mr. Bang Emanuel, Baeguk's richest man and one of the Dovanian continent's top ten wealthiest people.) As the chaebol grow more powerful and entrenched in the Baegukese economy, some assert that it could lead to a wider dichotomy in society. Nonetheless, as prosperity and modernization flourish in this new environment, the chaebol can at least pat themselves on the back for having thus far delivered superb results.
Growth and Contractions in the National Real GDP, 5275-5315
Growth and Contractions in the National Real GDP, 5316-5328
5316: +2.9%
5317: +3.7%
5318: +4.5%
5319: +3.1%
5320: +2.9%
5321: +1.1%
5322: -0.7%
5323: +3.3%
5324: +5.6%
5325: +2.9%
5326: +4.2%
5327: +3.7%
5328: +8.1%'At the Cusp' - Baeguk now Majority Self-Reliant on Clean Energy SourcesThe Royal Energy Program for a Renewable, Efficient, and Sustainable Surplus (REPRESS) committee's struggle to protect the nation's energy supply
first truly began in 5307, when their half-decade long analysis of the nation's geothermal potential revealed the prime spots for the harnessing of green energy in Baeguk. Since then, major public-private initiatives in the nation have managed the remarkable feat of making the country 33% reliant on geothermal energy as of 5328. Hydroelectric accounts for 26%, and other green methods (solar, wind, etc.) account for 6%. Put all together, this makes Baeguk 65% supplied on domestic sources of green, renewable energy, a major milestone and symbol of progress, development, and security. Whilst the committee acknowledged that the deadline for the so-called 40-55 Plan would need to be put off for about 5 years late, it is nonetheless remarkable that such a feat has been achieved in such quick of a pace. The committee maintains that Baeguk is at the cusp of achieving complete energy independence within the century.