Cost of unification looms

President Lee Myung-bak’s proposal for a unification tax on Sunday prompted many South Koreans to think about a very disturbing aspect of the longed-for reunification with North Korea -- the astronomical cost of integrating two societies that have grown poles apart. 

Separated for more than 60 years now with extremely limited cross-border exchanges, South and North Koreas have huge disparities in income, living standards and many other fields. 

According to the South Korean central bank, North Korea’s economy is now about 38 times smaller than South Korea’s and 18 times smaller on a per-capita basis. 

In South Korea, out of every 1,000 newborn babies less than five die during the first year, but in the North 51 die. South Koreans live more than 15 years longerthan their Northern neighbors. The South’s life expectancy stands at 78.7, compared to 63.8 for the North.