Wednesday, October 24, 2007

Chosun Ilbo: Korea Tumbles Six Spots in Globalization Index

I've been opining to excess on this topic lately. So just click on the "international hub?" tag if you want to read more of what I think. This time I'll just repost an article I read today at the Chosun Ilbo.

Foreign Policy has released it's 2007 globalization report. Again, Singapore takes the top spot while South Korea slips a few notches. What a surprise...not.

The report: Foreign Policy: The Globalization Index 2007

The news article: Korea Tumbles Six Spots in Globalization Index

Singapore was rated the most globalized country in the world for the third consecutive year, according to the 2007 Globalization Index. Hong Kong placed second in the index, the seventh annual collaboration between Foreign Policy magazine and A.T. Kearney, a consulting firm. The Netherlands ranked third, followed by Switzerland, Ireland and Denmark. Korea dropped six spots to 35th.

The index is based on data from 72 nations that account for 97 percent of the world GDP and 88 percent of the total population. The index measured 12 variables across four categories: economic integration, technological connectivity, political engagement, and personal contact.

Economic integration includes data on trade and foreign direct investment inflows and outflows. Technological connectivity counts the number of Internet users, Internet hosts, and secure servers for encrypted transactions.

Political engagement includes each country's contributions and memberships in international organizations. Personal contact tracks international travel and tourism, international telephone traffic, and cross-border remittances and personal transfers.

The 2007 rankings are based on 2005 data, the latest available.

The nations at the top of list are mostly small. Of the top 10 nations, eight have less than 84,000 of land and seven have populations of less than eight million.

Experts attribute the successful globalization of smaller nations to the fact that nations with small domestic markets and few natural resources have few choices but to search for breakthroughs in trade and market openings.

The U.S. dropped three spots to seventh place. India and China ranked 66th and 71st. China, which was ranked low because of its small level of international participation, dropped 15 spots since it changed its policy direction from export-driven growth to domestic demand-oriented growth.

India also ranked low because it lags behind other countries in technological connectivity, with only five percent of its population using the Internet.

There are also some other articles related to the topic on the sidebar at the Chosun Ilbo:

UN Concern at 'Ethnocentric' Korea
Foreigners Have a Hard Time in Korea -- Report
What Koreans Really Think About Ethnic Homogeneity
It's About Time Korea Became Colorblind
Korea Expecting 100 Millionth Foreign Visitor
Korea is Still in the Dark on Globalization

An Alternative link to the Globalization Index

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