<Commentary on W> Korea surpasses Japan at 6th place in US magazine national power ranking
The "World's Best Country Ranking" by the US weekly magazine "US News & World Report" has been announced, and South Korea has been ranked 6th in the national power ranking category. It has moved up two places from last year. If you look at the articles in the Korean media that report on this result, it is noticeable that the headline uses the expression "hold back Japan." Japan fell 2 places from last year to 8th place. On the other hand, in the ranking that comprehensively evaluates 10 categories, including national power, South Korea ranked 20th, down 5 ranks from last year. Switzerland tops the list, followed by Germany, Canada, the United States, Sweden and Japan.

The "World's Best Country Ranking 2022" was commissioned by the BAV Group, an affiliate of the marketing and communication company VMLY&R, and the University of Pennsylvania Warne School by US News & World Report, one of the three major US weekly current affairs magazines along with TIME and Newsweek. was implemented. Targeting approximately 17,000 people around the world, 10 categories such as national strength, quality of life, business openness, mobile population, entrepreneurship, and cultural heritage in 85 countries and regions around the world are scored and ranked.

South Korea ranked 6th in the national strength category with an overall score of 64.7 points. It scored high in export boom (84 points), economic impact (79.8 points), military power (79.1 points), and international diplomacy (66.4 points), while political influence (48.6 points) and leadership ability (22.5 points), which is required further improvement. The United States topped the list, followed by China, Russia, Germany and the United Kingdom. Japan fell two places from last year's sixth place to eighth. In his commentary, he focused on Seoul, the capital city, and introduced, "where the head offices of Samsung, Hyundai, and Kia, which represent the technology and automobiles that are major export products, are located. In recent years, the disposable income of households has increased, and the desire to purchase 'brand' products has increased among wealthy people in South Korea," it said.

Articles by South Korean media outlets reporting that South Korea ranked 6th in the national power category featured prominent headlines emphasizing that South Korea was "above Japan," such as "South Korea ranks 6th in the world in terms of national power, and beats Japan" (Chosun Ilbo).

According to the Japan Center for Economic Research's Medium-Term Asian Economic Forecast, South Korea's per capita GDP (gross domestic product) will reach approximately $45,000 in 2027, surpassing Japan. clarifying. Furthermore, it is predicted that South Korea's GDP will exceed $60,000 in 2035, far exceeding Japan's $50,000 level.

Between 2000 and 2020, Japan's nominal GDP per capita only increased by 1.02 times, while South Korea increased by 2.56 times. It can be seen that while Japan has stagnated, South Korea has achieved rapid growth.

South Korea overtook Japan in the 2020 country rankings by the OECD (Organization for Economic Co-operation and Development) in terms of average annual income, which is one of the factors for comparing economic power. Japan ranked 22nd with about $40,000. The fact that Japan's average annual income ranks 22nd in the world despite its total GDP ranking 3rd in the world means that the Japanese economy is stagnating.

The rapid depreciation of the yen is also a cause for concern. Keiichi Katani, an economic commentator who responded to an interview with TBS Sunday Morning, pointed out the decline in national power, in other words, the decline in the competitiveness of Japanese companies. Mr. Kaya said, "The Japanese manufacturing industry did not actively develop technology due to the success experience up to the 1980s. On the other hand, the yen's international standing has also declined."

In addition, Keizai Doyukai Chairman Kengo Sakurada said at a regular press conference on October 19th, "If you look at the merits of the yen's depreciation, there are more demerits. What is more worrisome is that the depreciation of the yen is simply the difference in interest rates between Japan and the United States. Or, if there is even a little that is due to Japan's economic and national strength, rather than just the underlying US inflation, it would be very worrying."

In the past, South Korea used the motive of "catch up and overtake Japan" to enhance its national power and was always concerned about Japan's position.
2022/10/26 09:34 KST