What a company!
When a nation possesses a globally recognized product brand, it results in economic prosperity for its citizens. One of them is Samsung. Samsung phones are utilized by individuals of all ages worldwide, from teenagers to the elderly. Amazing! No wonder, if Samsung can sustain the economy of South Korea. (https://lnkd.in/gf_2CnpX)
Samsung's contribution to GDP is around 20%. What a company!
2017 GDP: US$1.62T (Samsung’s Contribution: 20.50%)
2018 GDP: US$1.72T (Samsung’s Contribution: 20.35%)
2019 GDP: US$1.65T (Samsung’s Contribution: 19.75%)
2020 GDP: US$1.64T (Samsung’s Contribution: 20.33%)
2021 GDP: US$1.81T (Samsung’s Contribution: 20.31%)
2022 GDP: US$1.66T (Samsung’s Contribution: 22.40%)
(https://lnkd.in/gkyFYCPG)
What we learned from South Korea is South Korea's economy heavily relies on its production capabilities. I do believe that South Korea’s GDP will be huge and they will rank among the top five largest GDPs globally if South Korea owns more than 10 global products. (2022: Stood at 13th ranking) (https://lnkd.in/gFcQt9_k))
If we see why USA’s GDP is very strong? (2022: US$25.4T), it’s simple, because USA has a lot of global brands dominating across all sectors of society like Microsoft, Apple, Android, Google, Boeing, etc. Almost every household across the globe undoubtedly utilizes Microsoft's Word, Excel, and PowerPoint. Also, everyone in the world heavily relies on Google Map where they’re traveling. We can't find other maps as reliable as Google Map. In the world, there are only two commercial planes which are Boeing & Airbus. No wonder, USA’s economy is very strong, no other country can defeat USA’s economy, unless there is one country which possesses globally dominant brands.
Other countries whose globally dominant brands are Germany (BMW, Mercedes, Medical Technology, etc.) and Japan (Toyota, Honda, Nikon, Canon, etc.). No wonder, even though their population is few and only a few products they have but can still contribute to GDP. Japan and Germany stood at No. 3 and 4 for GDP, respectively. (Japan: US$4.2T and Germany: US$4.1T in 2022).
If our country’s economy wants to grow sustainably, the rule of the game is: our country should have global brands dominating across the globe. We cannot argue this rule of the game. This rule is non-negotiable!. It is proven by learning from South Korea, USA, Germany and Japan.
Despite having large populations, there is no definite guarantee that country will have a good economy. But if a country whose globally dominant brands (at least one product), this country will definitely have a good economy.
I wish for each country to focus primarily on identifying products that can achieve dominance in the global market, ultimately leading to substantial contributions to their GDP.
#globallydominantbrands #economy #samsung #southkorea #germany #japan #usa #gdp
https://pulsenews.co.kr/view.php?year=2022&no=639377