In October, Samsung had to permanently discontinue the production and sales of its flagship Galaxy Note 7 smartphones. The decision was taken after several recalls of the phones due to complaints of exploding batteries and incidents of the phones catching fire. This piece is neither about the company’s recent predicament, nor is it about my personal opinion of the South Korean manufacturing giant’s smartphones. (As for my opinion, I am often taunting colleagues and friends, including my spouse, that their favourite brand is inferior to the iPhone).
In this article, I like to explore the significant impact that the world’s largest manufacturer of smartphones has on the economy of South Korea, ranked the 11th largest economy in the world in 2015. According to South Korean Ministry of Strategy and Finance, Samsung accounted for 23% of the country’s Gross Domestic Product (GDP) in 2012, while Hyundai Motor Company contributed 12%.
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