The Miracle South Korean Economy

The economy of South Korea, with US $ 929 billion GDP, is the 15^th largest in the world; and 4^th largest in Asia. Its transformation into developed nation is considered as a miracle.

Korean Economy was classified by the World Bank as high income. Among Asian nations, the gap between the poor and the rich citizen is the smallest.

It has a highly educated and motivated workforce, usually with scientific and mathematical literacy. It has world's highest internet access per capita, and it is 3th in the IT competitiveness.

Korea's economy relies heavily on export of automotive and heavy industrial products; but recently it has begun to shift focus to high technological products.

In the 60's and 70's, due to its export -oriented economic development strategy, rural living conditions were compromised.

South Korean economy regains its lost momentum in the late 1980s. South Korea achieved an average of 9.2 percent real growth between 1982 and 1987 and 12.5 percent between 1986 and 1988. However, this trend was reversed in 1998, when it suffered a negative 6.67% quarterly GDP loss. But there was a turn around in late part of 1999 with a 5.5% GDP growth. From 2000 to 2007, it has an average GDP growth of 4-5 %.

However, in 2008 economi9c crises, it suffered heavily, with the Korean Won losing 30% of its value

"Our economy in the future will post bigger growth as momentum strengthens thanks to a recovery in the global economy and an improvement in consumption," a Korean Central Bank official said. "The private sector is likely to lead economic growth as policy impacts weaken." Still, there are a number of "uncertainties, including a possible delay in the global recovery," it said.

The economic recovery of South Korea, who suffered a major war and divided into two nations, is fantastic in any lingo.