South Korea’s GDP per person measured at purchasing-power-parity exchange rates surpassed Japan’s in 2018
and South Korea normalised relations in 1965, Park Chung-hee, South Korea’s dictator, got a good deal. The $800m in soft loans and grants he secured from the Japanese government, and the Japanese investment that followed, fuelled an economic engine that would go on to yield annualgrowth of more than 7%, on average, for the next five decades.
Itstakes into account differences in the prices of goods, such as haircuts, public transport—or, in the case of The Economist’s own Big Mac Index, hamburgers.exchange rates are thus often seen as a better basis for comparing living standards between countries. And even using market exchange rates the gap between South Korea and Japan is closing.
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