[326th]Voter /GDP/Digital Lawsuit

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Buying power weakens despite GDP growth

Korean consumers’ purchasing power has weakened on average even though the economy sustained its pace of growth during the first quarter, a Bank of Korea report showed Wednesday.

The central bank said the country saw its growth rate of gross domestic product post 4.2 percent in the first quarter on a year-on-year basis and 1.4 percent on a quarter-to-quarter basis.

 
But the gross domestic income ― an indicator for national purchasing power ― fell by 0.6 percent from a quarter before. A drop in the GDI scale is the first case in 27 months since minus 0.6 percent in the fourth quarter of 2008.

BOK officials attributed the nation’s weakened buying power to unfavorable terms of trade in exports and imports.

“As international oil prices skyrocketed, the number of goods that consumers can purchase has dropped,” a BOK director general told a news briefing.

According to the BOK data, export prices of LCD panel and semiconductors fell by 12.2 and 10.3 percent respectively. On the contrary, import prices of raw materials including crude oil surged by 21.2 percent.

As long as the trend of high raw material prices continues, the nation’s real purchasing power will continue to deteriorate despite GDP growth, economists say.

An economist at the Korea Institute of Finance cited high consumer prices as another factor for the weakened purchasing power. “Since the fourth quarter of last year, real income of households has been reduced amid rising inflationary pressure,” he said.

LG Economic Research Institute analyst Shin Min-young predicted the trend would continue through the second quarter of this year.

In the meantime, central bank officials stressed that brisk exports led the economic growth in the first quarter.

On a quarterly basis, exports, which account for about 50 percent of the nation’s GDP, gained 3.3 percent in the first quarter after expanding 2.6 percent three months earlier.

The BOK maintained its 2011 growth forecast at 4.5 percent, but revised up its inflation projection to 3.9 percent this year from an earlier forecast of 3.5 percent.

Question

1.    One of the main reasons of the gap between GDP and GDI is the price of the oil. If you know any other reasons please discuss about it.

2.    When do you feel GDP is increased or GDI is decreased? How does it affect your life?

3.    What’s your opinion of the economy for the rest of the year?

Voter turnout gets by-election boost

Voters in by-election constituencies headed to nearby polling stations on Wednesday, pulling the turnout rate up to an unprecedented level and reflecting the public’s keen interest in this year’s political races.

The general voting rate in 1,353 stations in 38 constituencies nationwide as of 3 p.m. was 28.2 percent, or 905,912 out of some 3.29 million voters, according to the National Election Commission.

This was much higher than the 23.6 percent or 21.7 percent recorded at the same hour in last year’s two by-elections.

Gangwon Province led the regional figures with 35.9 percent, followed by the Bundang-B constituency in Gyeonggi Province with 33.1 percent.

South Jeolla’s Suncheon recorded 27.5 percent while South Gyeongsang’s Gimhae had 26.4 at the same point, officials said.

The figures showed a sharp rise from 6-9 a.m., the morning commuting hours, when a large number of young voters showed up before heading to work. A similar upturn is expected in the evening hours, the NEC said.

The general rate for this year’s by-election is expected to break 40 percent, far above the 32.8 percent average recorded from 2000-2010.

“The rates in the disputed areas, such as Bundang, Gimhae and Gangwon Province, may rise as high as 45 percent,” said a NEC official.

“Gangwon, which has always been active in voting, may even reach 50 percent.”

The parties’ aggressive promotion and the appearance of big names in the races have clearly pulled up the citizens’ participation this year, he explained.

The turnout for the 18th general election, which usually draws keener attention than by-elections, was 45.2 percent, according to the commission.

Parties once again sent out last-minute pleas to the voters to practice their voting rights and participate.

“We ask the people to give us a chance to reform and foster our country,” said Ahn Sang-soo, leader of the ruling Grand National Party on Wednesday morning.

He also condemned the opposition parties for allegedly using the elections as a means to get back at the present administration and neglecting the needs of the people.

The main opposition Democratic Party also invited liberal voters to get out and vote.

“A single vote is worth more than a thousand words of blame,” said a DP spokesperson.

“The voters of this country are the only ones who may straighten out the inequitable reality.”

Though the official campaign period ended at midnight Tuesday, parties are still allowed to send out mobile text or Twitter messages to encourage citizens to vote, as long as they do not state the party or candidate names, according to the NEC.

“I have done my very best over the past four months, since I registered myself as a backup candidate, and now am ready to accept the people’s choice,” said Kang Jae-sup, the GNP candidate for the legislative seat in the Bundang-B constituency.

His rival, Sohn Hak-kyu of the DP, also placed his vote before leaving for his camp’s office.

“I have seen hope and aspirations for changes here and shall now wait for the results with a humble heart,” the DP leader said.

The voting hours are to end at 8 p.m. and the final results are expected around midnight.

Question

1.    The rate of the voting was much higher than usual. It implies people are interested in the politic these days. What made people to be an active voters?

2.    Are you an active voter or not?

3.    According to the article, a DP spokesperson said “A single vote is worth more than a thousand words of blame,” What do you think about this comment? Do you agree with it of not?

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Digital era dominates lawsuit filings

As many futurists predicted, digital is dominant in many areas of our society and lawsuits are no exception.

According to the Supreme Court, 79.5 percent of the suits filed with the Patent Court since April 26 last year, when the system was first adopted, were “paperless” electronic suits.

About 47.9 percent were applied for online and another 20.5 percent were transferred to the digital system after originally preparing them offline, the court said.

The online suit system was adopted last year at the patent court and is expected to expand to other judiciary departments due to its efficacy and popularity.

About 5,600 people have registered at ecfs.scourt.go.kr, the website handling the general e-suit process, and about 370 people visit the online address every day.

“The number is almost equivalent to that in the U.S. or Singapore, where electronic lawsuits have been in operation for more than 15 years,” the court said.

A pilot program has been conducted on civil suits since early this year and the authorities are considering expanding it to administrative, home and bankruptcy suits from next year.

At 80 courts nationwide, there is computing and presentation apparatus essential for paperless trials and another 85 will be equipped with the state-of-the-art facilities by the end of the year. More than 260,000 out of 1 million cases dealt with at civil courts every year will be paperless, the Supreme Court predicts.

“Many things will change. The paper cabinets will be taken away from the judges’ rooms and the clerks will no more have to carry bundles of papers everywhere,” a Supreme Court official was quoted.

Question

1.    It seems digital is dominant in everywhere. What are the Pros and Cons about it?

2.    Electronic lawsuits have been in operation for only a year. However, the number of users is almost same as US and Singapore. What do you think about it?

3.    Have you ever used the online suit system? If you have how was it?

Have a beautiful weekend J

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